Yongmao Holdings Q4 net profit down 37%

YONGMAO Holdings's net profit for the fourth quarter ended March fell 37.3 per cent, from RMB11.0 million to RMB6.9 million on the back of revenue falling 22.8 per cent, from RMB 220.5 million to RMB 170.1 million.

This was mainly due to decrease in the China sales by 42.8 per cent as a result of weaker domestic demand due to the ongoing property slowdown in many Chinese cities.

For the full year ended March, net profit rose 22.5 per cent from RMB51.3 million to RMB 62.9 million despite revenue dropping 13.9 per cent from RMB 909.6 million to RMB 783.0 million.