Winall Hi-tech Seed Co. Ltd. said its first-quarter normalized net income came to a loss of 561,550 yuan, compared with a loss of 626,000 yuan in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to negative 0.4% from negative 0.8% in the year-earlier period.
Total revenue increased 9.0% year over year to 89.4 million yuan from 82.0 million yuan, and total operating expenses grew 9.3% year over year to 83.8 million yuan from 76.7 million yuan.
Reported net income declined 21.1% year over year to 1.5 million yuan, or 0 fen per share, from 1.9 million yuan, or 0 fen per share.
As of April 24, US$1 was equivalent to 6.19 yuan.
