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Heilongjiang Agriculture Q2 profit climbs YOY

Heilongjiang Agriculture Co. Ltd. said its normalized net income for the second quarter came to 16 fen per share, a gain from 6 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 285.0 million yuan, a gain from 108.9 million yuan in the year-earlier period.

The normalized profit margin climbed to 22.6% from 8.5% in the year-earlier period.

Total revenue decreased on an annual basis to 1.25 billion yuan from 1.29 billion yuan, and total operating expenses fell 28.0% on an annual basis to 810.6 million yuan from 1.13 billion yuan.

Reported net income rose year over year to 452.1 million yuan, or 26 fen per share, from 169.0 million yuan, or 10 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.