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China New Borun Q3 profit climbs YOY

China New Borun Corp. said its third-quarter normalized net income was 71 fen per share, an increase from 19 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 18.2 million yuan, an increase from 4.9 million yuan in the prior-year period.

The normalized profit margin rose to 2.7% from 0.9% in the year-earlier period.

Total revenue grew 25.0% on an annual basis to 661.4 million yuan from 529.2 million yuan, and total operating expenses grew 23.3% on an annual basis to 610.7 million yuan from 495.5 million yuan.

Reported net income grew from the prior-year period to 21.8 million yuan, or 85 fen per share, from 5.8 million yuan, or 23 fen per share.

As of Nov. 11, US$1 was equivalent to 6.37 yuan.