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Xinjiang Guannong Fruit & Antler Q1 profit falls YOY

Xinjiang Guannong Fruit & Antler Group Co. Ltd. said its first-quarter normalized net income amounted to 5 fen per share, a decrease of 33.5% from 8 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 40.5 million yuan, a decrease of 27.9% from 56.2 million yuan in the prior-year period.

The normalized profit margin dropped to 10.4% from 11.7% in the year-earlier period.

Total revenue decreased 18.9% on an annual basis to 388.1 million yuan from 478.7 million yuan, and total operating expenses decreased 21.4% from the prior-year period to 371.8 million yuan from 472.8 million yuan.

Reported net income fell 34.3% from the prior-year period to 67.0 million yuan, or 9 fen per share, from 102.0 million yuan, or 14 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.