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Shineco fiscal Q1 profit falls YOY

Shineco Inc. said its normalized net income for the fiscal first quarter ended Sept. 30, 2015, was 5 cents per share, a decrease from 6 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.1 million, a decrease from $1.1 million in the prior-year period.

The normalized profit margin fell to 14.6% from 15.9% in the year-earlier period.

Total revenue grew 7.0% year over year to $7.3 million from $6.8 million, and total operating expenses climbed 9.7% year over year to $5.9 million from $5.4 million.

Reported net income fell 12.5% year over year to $1.4 million, or 7 cents per share, from $1.5 million, or 8 cents per share.