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Jiangxi Huangshanghuang Group Food Q1 profit falls YOY

Jiangxi Huangshanghuang Group Food Co. Ltd. said its first-quarter normalized net income came to 3 fen per share, a decline of 43.7% from 6 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 15.7 million yuan, a decline of 42.1% from 27.2 million yuan in the year-earlier period.

The normalized profit margin fell to 5.7% from 9.7% in the year-earlier period.

Total revenue increased 5.0% on an annual basis to 294.0 million yuan from 280.0 million yuan, and total operating expenses rose 11.6% from the prior-year period to 270.4 million yuan from 242.4 million yuan.

Reported net income fell 39.8% on an annual basis to 21.5 million yuan, or 4 fen per share, from 35.7 million yuan, or 7 fen per share.

As of April 20, US$1 was equivalent to 6.20 yuan.