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Sino Grandness Food Industry Q1 profit climbs YOY

Sino Grandness Food Industry Group Ltd. said its first-quarter normalized net income was 14 fen per share, an increase from 5 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 93.3 million yuan, a gain from 28.8 million yuan in the year-earlier period.

The normalized profit margin climbed to 16.0% from 6.0% in the year-earlier period.

Total revenue climbed 21.9% on an annual basis to 582.2 million yuan from 477.6 million yuan, and total operating expenses increased 16.9% on an annual basis to 447.6 million yuan from 382.8 million yuan.

Reported net income increased year over year to 108.4 million yuan, or 16 fen per share, from 17.6 million yuan, or 3 fen per share.

As of May 12, US$1 was equivalent to 6.21 yuan.