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Henan Huaying Agricultural Development swings to profit in Q1

Henan Huaying Agricultural Development Co. Ltd. said its normalized net income for the first quarter amounted to 2 fen per share, compared with a loss of 8 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 9.2 million yuan, compared with a loss of 32.5 million yuan in the prior-year period.

The normalized profit margin rose to 2.1% from negative 9.8% in the year-earlier period.

Total revenue increased 42.1% year over year to 471.0 million yuan from 331.4 million yuan, and total operating expenses rose 18.8% on an annual basis to 428.8 million yuan from 361.0 million yuan.

Reported net income totaled 13.5 million yuan, or 3 fen per share, compared to a loss of 52.9 million yuan, or a loss of 12 fen per share, in the year-earlier period.

As of April 24, US$1 was equivalent to 6.19 yuan.