Jinjian Cereals Industry Co. Ltd. said its first-quarter normalized net income came to 276,200 yuan, a decline of 88.1% from 2.3 million yuan in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 0.2% from 0.6% in the year-earlier period.
Total revenue grew 21.3% on an annual basis to 443.1 million yuan from 365.2 million yuan, and total operating expenses increased 19.5% year over year to 440.7 million yuan from 368.9 million yuan.
Reported net income fell 21.6% year over year to 2.1 million yuan, or 0 fen per share, from 2.7 million yuan, or 0 fen per share.
As of April 29, US$1 was equivalent to 6.20 yuan.
