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China New Borun Q2 profit falls YOY

China New Borun Corp. said its normalized net income for the second quarter was 48 fen per share, a decrease of 61.0% from 1.23 yuan per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.4 million yuan, a decrease of 61.0% from 31.8 million yuan in the year-earlier period.

The normalized profit margin declined to 2.3% from 4.4% in the year-earlier period.

Total revenue fell 26.4% on an annual basis to 530.4 million yuan from 720.6 million yuan, and total operating expenses decreased 23.1% from the prior-year period to 498.5 million yuan from 648.3 million yuan.

Reported net income declined 61.0% from the prior-year period to 14.9 million yuan, or 58 fen per share, from 38.1 million yuan, or 1.48 yuan per share.

As of Aug. 17, US$1 was equivalent to 6.64 yuan.