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Guangdong Jialong Food Q1 profit falls YOY

Guangdong Jialong Food Co. Ltd. said its first-quarter normalized net income amounted to 7.4 million yuan, a decline of 19.6% from 9.2 million 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 climbed to 14.4% from 13.7% in the year-earlier period.

Total revenue fell 12.3% year over year to 59.0 million yuan from 67.2 million yuan, and total operating expenses declined 12.1% from the prior-year period to 50.3 million yuan from 57.2 million yuan.

Reported net income grew on an annual basis to 10.8 million yuan, or 1 fen per share, from 10.6 million yuan, or 1 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.