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Jinjian Cereals Q4 loss widens 42.9% YOY

Jinjian Cereals Industry Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 7 fen per share, compared with a loss of 5 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 a loss of 42.4 million yuan, compared with a loss of 29.6 million yuan in the prior-year period.

The normalized profit margin climbed to negative 5.3% from negative 6.2% in the year-earlier period.

Total revenue grew 77.7% year over year to 855.7 million yuan from 481.5 million yuan, and total operating expenses rose 81.7% on an annual basis to 928.3 million yuan from 510.9 million yuan.

Reported net income came to a loss of 69.1 million yuan, or a loss of 11 fen per share, compared to income of 22.2 million yuan, or 3 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 10 fen per share, compared with a loss of 5 fen per share in the prior year.

Normalized net income was a loss of 63.0 million yuan, compared with a loss of 34.7 million yuan in the prior year.

Full-year total revenue grew 36.0% from the prior-year period to 2.29 billion yuan from 1.68 billion yuan, and total operating expenses grew 37.3% on an annual basis to 2.38 billion yuan from 1.74 billion yuan.

The company said reported net income totaled a loss of 172.7 million yuan, or a loss of 27 fen per share, in the full year, compared with income of 12.3 million yuan, or 2 fen per share, the prior year.

As of April 15, US$1 was equivalent to 6.47 yuan.