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ShanDongDenghai Seeds Q1 profit falls YOY

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ShanDongDenghai Seeds Q1 profit falls YOY

ShanDongDenghai Seeds Co. Ltd. said its first-quarter normalized net income amounted to 6 fen per share, a decrease from 6 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 53.7 million yuan, a decrease from 54.4 million yuan in the prior-year period.

The normalized profit margin rose to 19.6% from 13.8% in the year-earlier period.

Total revenue decreased 29.5% on an annual basis to 279.0 million yuan from 395.6 million yuan, and total operating expenses fell 23.9% year over year to 193.5 million yuan from 254.3 million yuan.

Reported net income fell 16.7% on an annual basis to 87.3 million yuan, or 10 fen per share, from 104.8 million yuan, or 12 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.