Haixin Foods Co. Ltd. said its normalized net income for the first quarter came to a loss of 1 fen per share, compared with 2 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 a loss of 4.8 million yuan, compared with income of 8.6 million yuan in the year-earlier period.
The normalized profit margin dropped to negative 1.4% from 4.1% in the year-earlier period.
Total revenue declined 7.4% year over year to 195.2 million yuan from 210.7 million yuan, and total operating expenses rose from the prior-year period to 204.8 million yuan from 200.7 million yuan.
Reported net income came to a loss of 3.7 million yuan, or a loss of 1 fen per share, compared to income of 10.7 million yuan, or 2 fen per share, in the year-earlier period.
As of April 28, US$1 was equivalent to 6.20 yuan.
