Net income attributable to shareholders declined 15% to RMB366 million ($52.4 mm) from RMB429 million in the year ended Mar. 31, on 13% higher revenues of RMB1,841 million ($263.8 mm) up from RMB1,635 million. The Kappa brand owner in China moved its fiscal year end to Mar. 31 from Dec. 31, so the numbers reported are for comparable 12 month periods. As always, the company’s investment holdings contributed substantially to profitability, adding RMB651 million in the year just ended. The past year’s transition from a wholesale model to bulk orders model helped push gross margin 590 basis points higher to ... Log in to view full article.