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Shandong Longda Meat Foodstuff Q3 profit climbs 70.7% YOY

Shandong Longda Meat Foodstuff Co. Ltd. said its third-quarter normalized net income amounted to 6 fen per share, an increase of 65.5% from 4 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 48.2 million yuan, an increase of 70.7% from 28.2 million yuan in the prior-year period.

The normalized profit margin increased to 3.6% from 2.4% in the year-earlier period.

Total revenue rose 12.8% year over year to 1.34 billion yuan from 1.19 billion yuan, and total operating expenses grew 10.8% from the prior-year period to 1.27 billion yuan from 1.15 billion yuan.

Reported net income grew 65.1% year over year to 72.9 million yuan, or 9 fen per share, from 44.2 million yuan, or 6 fen per share.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.