Chaoda Modern Agriculture (Holdings) Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2015, amounted to a loss of 14 fen per share, compared with a loss of 20 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 459.1 million yuan, compared with a loss of 669.8 million yuan in the year-earlier period.

Total revenue grew 11.9% year over year to 692.5 million yuan from 619.0 million yuan, and total operating expenses decreased 15.6% year over year to 1.43 billion yuan from 1.69 billion yuan.

Reported net income came to a loss of 658.3 million yuan, or a loss of 20 fen per share, compared to a loss of 1.61 billion yuan, or a loss of 49 fen per share, in the prior-year period.

As of March 15, US$1 was equivalent to 6.51 yuan.