Zhongnongfa Seed Industry Group Co. Ltd. said its first-quarter normalized net income was a loss of 5.3 million yuan, compared with a loss of 536,500 yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to negative 0.4% from negative 0.2% in the year-earlier period.
Total revenue increased 50.2% year over year to 514.7 million yuan from 342.6 million yuan, and total operating expenses grew 53.4% from the prior-year period to 539.0 million yuan from 351.5 million yuan.
Reported net income totaled a loss of 8.4 million yuan, or a loss of 1 fen per share, compared to a loss of 1.8 million yuan, or a loss of 0 fen per share, in the year-earlier period.
As of April 24, US$1 was equivalent to 6.19 yuan.
