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China Modern Dairy swings to loss in H2

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China Modern Dairy swings to loss in H2

China Modern Dairy Holdings Ltd. said its second-half normalized net income came to a loss of 30.0 million yuan, compared with income of 84.8 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue rose 10.2% on an annual basis to 2.63 billion yuan from 2.39 billion yuan, and total operating expenses grew 36.6% on an annual basis to 2.57 billion yuan from 1.88 billion yuan.

Reported net income totaled a loss of 176.4 million yuan, or a loss of 3 fen per share, compared to a loss of 156.0 million yuan, or a loss of 3 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 3 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 8 fen.

EPS declined 65.9% from 10 fen in the prior year.

Normalized net income was 180.2 million yuan, a decrease of 64.4% from 506.0 million yuan in the prior year.

Full-year total revenue amounted to 4.86 billion yuan, compared with 4.83 billion yuan in the prior year, and total operating expenses grew 20.2% year over year to 4.34 billion yuan from 3.61 billion yuan.

The company said reported net income totaled a loss of 741.9 million yuan, or a loss of 14 fen per share, in the full year, compared with income of 321.2 million yuan, or 6 fen per share, the prior year.

As of April 20, US$1 was equivalent to 6.88 yuan.