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Shineco fiscal Q3 profit climbs 90.2% YOY

Shineco Inc. said its normalized net income for the fiscal third quarter ended March 31 amounted to 7 cents per share, an increase of 90.2% from 4 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.3 million, a gain of 90.2% from $678,350 in the year-earlier period.

The normalized profit margin rose to 18.5% from 9.7% in the year-earlier period.

Total revenue totaled $7.0 million, compared with $7.0 million in the prior-year period, and total operating expenses declined 9.5% year over year to $5.3 million from $5.9 million.

Reported net income rose on an annual basis to $1.9 million, or 10 cents per share, from $966,040, or 5 cents per share.