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Origin Agritech fiscal Q3 loss widens YOY

Origin Agritech Ltd said its normalized net income for the fiscal third quarter ended June 30 came to a loss of 31 fen per share, compared with a loss of 30 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 a loss of 7.0 million yuan, compared with a loss of 6.9 million yuan in the year-earlier period.

The normalized profit margin fell to negative 9.5% from negative 7.4% in the year-earlier period.

Total revenue fell 20.7% on an annual basis to 73.7 million yuan from 92.9 million yuan, and total operating expenses fell 17.2% on an annual basis to 82.1 million yuan from 99.2 million yuan.

Reported net income came to a loss of 11.8 million yuan, or a loss of 52 fen per share, compared to a loss of 14.8 million yuan, or a loss of 65 fen per share, in the prior-year period.

As of Aug. 5, US$1 was equivalent to 6.21 yuan.