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COFCO Tunhe swings to profit in Q1

COFCO Tunhe Co. Ltd. said its normalized net income for the first quarter was 42.7 million yuan, compared with a loss of 1.7 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.9% from negative 0.1% in the year-earlier period.

Total revenue grew 14.6% year over year to 2.31 billion yuan from 2.02 billion yuan, and total operating expenses rose 10.0% on an annual basis to 2.20 billion yuan from 2.00 billion yuan.

Reported net income came to a loss of 113.2 million yuan, or a loss of 6 fen per share, compared to a loss of 40.7 million yuan, or a loss of 2 fen per share, in the prior-year period.

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