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ShanDongDenghai Seeds Q2 profit climbs 20.5% YOY

ShanDongDenghai Seeds Co. Ltd. said its second-quarter normalized net income came to 6 fen per share, a gain of 20.4% from 5 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 49.1 million yuan, a gain of 20.5% from 40.8 million yuan in the prior-year period.

The normalized profit margin declined to 16.1% from 24.3% in the year-earlier period.

Total revenue climbed 93.2% on an annual basis to 323.9 million yuan from 167.7 million yuan, and total operating expenses rose 64.5% from the prior-year period to 235.9 million yuan from 143.4 million yuan.

Reported net income grew 57.7% from the prior-year period to 92.3 million yuan, or 10 fen per share, from 58.5 million yuan, or 7 fen per share.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.