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Origin Agritech fiscal Q3 loss widens 61.0% YOY

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Origin Agritech fiscal Q3 loss widens 61.0% YOY

Origin Agritech Ltd said its normalized net income for the fiscal third quarter ended June 30 came to a loss of 49 fen per share, compared with a loss of 31 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 a loss of 11.3 million yuan, compared with a loss of 7.0 million yuan in the prior-year period.

The normalized profit margin declined to negative 13.6% from negative 9.5% in the year-earlier period.

Total revenue increased 12.1% on an annual basis to 82.6 million yuan from 73.7 million yuan, and total operating expenses increased 19.0% from the prior-year period to 97.7 million yuan from 82.1 million yuan.

Reported net income came to a loss of 18.3 million yuan, or a loss of 80 fen per share, compared to a loss of 11.8 million yuan, or a loss of 52 fen per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 6.64 yuan.