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Foshan Haitian Flavouring & Food Q3 profit climbs 28.6% YOY

Foshan Haitian Flavouring and Food Co. Ltd. said its normalized net income for the third quarter was 19 fen per share, a gain of 23.2% from 16 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 534.2 million yuan, a gain of 28.6% from 415.4 million yuan in the prior-year period.

The normalized profit margin rose to 15.7% from 14.9% in the year-earlier period.

Total revenue climbed 22.1% year over year to 3.41 billion yuan from 2.79 billion yuan, and total operating expenses rose 21.3% on an annual basis to 2.62 billion yuan from 2.16 billion yuan.

Reported net income grew 29.3% year over year to 715.7 million yuan, or 26 fen per share, from 553.5 million yuan, or 21 fen per share.

As of Oct. 26, US$1 was equivalent to 6.63 yuan.