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Origin Agritech fiscal Q2 loss narrows YOY

Origin Agritech Ltd said its normalized net income for the fiscal second quarter ended March 31 was a loss of 70 fen per share, compared with a loss of 1.22 yuan per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 16.0 million yuan, compared with a loss of 27.7 million yuan in the prior-year period.

Total revenue fell 17.8% year over year to 3.8 million yuan from 4.7 million yuan, and total operating expenses fell 42.2% on an annual basis to 25.3 million yuan from 43.8 million yuan.

Reported net income totaled a loss of 25.9 million yuan, or a loss of 1.14 yuan per share, compared to a loss of 44.4 million yuan, or a loss of 1.95 yuan per share, in the prior-year period.

As of May 5, US$1 was equivalent to 6.20 yuan.