Shandong Longda Meat Foodstuff Co. Ltd. said its first-quarter normalized net income amounted to 3 fen per share, a decline of 44.6% from 5 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 22.0 million yuan, a decrease of 25.3% from 29.4 million yuan in the prior-year period.
The normalized profit margin fell to 2.7% from 3.9% in the year-earlier period.
Total revenue rose 14.0% on an annual basis to 866.8 million yuan from 760.3 million yuan, and total operating expenses climbed 16.9% from the prior-year period to 832.7 million yuan from 712.3 million yuan.
Reported net income fell 15.7% from the prior-year period to 33.0 million yuan, or 4 fen per share, from 39.1 million yuan, or 7 fen per share.
As of April 22, US$1 was equivalent to 6.19 yuan.
