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Imperial Ginseng Products fiscal Q2 profit falls YOY

Imperial Ginseng Products Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 1 Canadian cents per share, a decrease of 71.5% from 5 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 C$106,570, a decrease of 70.8% from C$365,440 in the prior-year period.

The normalized profit margin dropped to 2.1% from 9.2% in the year-earlier period.

Total revenue increased 28.0% on an annual basis to C$5.1 million from C$4.0 million, and total operating expenses increased 43.2% on an annual basis to C$4.9 million from C$3.4 million.

Reported net income declined 20.3% year over year to C$2.5 million, or 35 cents per share, from C$3.2 million, or 45 cents per share.