China Xiniya Fashion Q2 Profit Down

(RTTNews) - China Xiniya Fashion Limited (XNY) reported that profit after taxation for the second quarter of 2013 was RMB9.0 million, down from RMB20.2 million in the second quarter of 2012. Earnings per ADS were $0.03 in the second quarter of 2013, compared to $0.06 per ADS in the second quarter of 2012.

Revenue for the second quarter of 2013 was RMB222.9 million, compared with revenue of RMB220.9 million for the second quarter of 2012, which represents a 0.9% increase. The company delivered approximately 1.27 million units to it's distributors during the second quarter of 2013, compared with 1.49 million units during the second quarter of 2012. The total retail outlet count as of June 30, 2013 was 1,658.

For the third quarter of 2013, the company expects revenue in RMB to decline between 2% to 7%. Earnings per ADS in the third quarter of 2013 are expected to be in the range of $0.01 to $0.06.