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Guangdong Yantang Dairy Q1 profit climbs YOY

Guangdong Yantang Dairy Co. Ltd. said its first-quarter normalized net income amounted to 6 fen per share, a decline of 19.5% from 8 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 9.6 million yuan, a gain of 4.9% from 9.1 million yuan in the prior-year period.

The normalized profit margin dropped to 5.1% from 5.4% in the year-earlier period.

Total revenue increased 10.0% on an annual basis to 185.8 million yuan from 168.9 million yuan, and total operating expenses climbed 11.3% on an annual basis to 172.0 million yuan from 154.6 million yuan.

Reported net income increased year over year to 11.0 million yuan, or 7 fen per share, from 10.8 million yuan, or 9 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.