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Xiwang Foodstuffs Q3 profit falls YOY

Xiwang Foodstuffs Co.,Ltd. said its third-quarter normalized net income came to 4 fen per share, a decrease of 54.2% from 9 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 17.5 million yuan, a decline of 55.9% from 39.7 million yuan in the prior-year period.

The normalized profit margin declined to 2.2% from 6.1% in the year-earlier period.

Total revenue increased 22.7% on an annual basis to 798.3 million yuan from 650.6 million yuan, and total operating expenses increased 31.7% from the prior-year period to 770.8 million yuan from 585.4 million yuan.

Reported net income decreased 59.9% from the prior-year period to 21.7 million yuan, or 5 fen per share, from 54.2 million yuan, or 12 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.