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New Hope Liuhe Q1 profit climbs 52.9% YOY

New Hope Liuhe Co. Ltd. said its normalized net income for the first quarter was 7 fen per share, an increase of 31.3% from 5 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 288.4 million yuan, a gain of 52.9% from 188.6 million yuan in the prior-year period.

The normalized profit margin increased to 2.2% from 1.3% in the year-earlier period.

Total revenue declined 10.6% on an annual basis to 13.18 billion yuan from 14.75 billion yuan, and total operating expenses fell 12.8% year over year to 12.96 billion yuan from 14.85 billion yuan.

Reported net income grew 82.0% year over year to 515.2 million yuan, or 13 fen per share, from 283.1 million yuan, or 8 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.