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Shuanghua Holdings H2 profit climbs YOY

Shuanghua Holdings Ltd said its second-half normalized net income was 14.3 million yuan, an increase from 1.5 million yuan in the year-earlier period.

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

Total revenue fell 33.6% year over year to 58.1 million yuan from 87.6 million yuan, and total operating expenses fell 53.6% on an annual basis to 40.5 million yuan from 87.4 million yuan.

Reported net income came to a loss of 377,000 yuan, or a loss of 0 fen per share, compared to income of 1.8 million yuan, or 0 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 2 fen per share, compared with 1 fen per share in the prior year.

Normalized net income was a loss of 11.9 million yuan, compared with income of 8.0 million yuan in the prior year.

Full-year total revenue declined 27.4% year over year to 143.1 million yuan from 197.0 million yuan, and total operating expenses decreased 11.3% year over year to 171.8 million yuan from 193.7 million yuan.

The company said reported net income came to a loss of 39.0 million yuan, or a loss of 6 fen per share, in the full year, compared with income of 9.3 million yuan, or 1 fen per share, the prior year.

As of April 14, US$1 was equivalent to 6.49 yuan.