China Modern Dairy Holdings Ltd. said its first-half normalized net income came to 4 fen per share, a decline of 54.2% from 9 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 210.1 million yuan, a decline of 50.1% from 421.2 million yuan in the prior-year period.

Total revenue fell 8.5% on an annual basis to 2.23 billion yuan from 2.44 billion yuan, and total operating expenses grew on an annual basis to 1.77 billion yuan from 1.73 billion yuan.

Reported net income came to a loss of 565.5 million yuan, or a loss of 11 fen per share, compared to income of 477.2 million yuan, or 10 fen per share, in the year-earlier period.

As of Sept. 28, US$1 was equivalent to 6.68 yuan.