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China ZhongDi H1 profit falls YOY

China ZhongDi Dairy Holdings Co. Ltd. said its first-half normalized net income was 1 fen per share, a decrease of 61.1% from 3 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.0 million yuan, a decline of 37.4% from 38.4 million yuan in the prior-year period.

Total revenue decreased 30.9% on an annual basis to 229.8 million yuan from 332.8 million yuan, and total operating expenses decreased 34.6% from the prior-year period to 176.6 million yuan from 270.1 million yuan.

Reported net income decreased 39.3% on an annual basis to 42.5 million yuan, or 2 fen per share, from 70.0 million yuan, or 6 fen per share.

As of Nov. 20, US$1 was equivalent to 6.39 yuan.