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Guangdong Wens Foodstuff swings to profit in Q1

Guangdong Wens Foodstuff Group Co. Ltd. said its normalized net income for the first quarter amounted to 8 fen per share, compared with a loss of 16 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 365.0 million yuan, compared with a loss of 735.6 million yuan in the year-earlier period.

The normalized profit margin climbed to 4.4% from negative 9.7% in the year-earlier period.

Total revenue increased 23.3% year over year to 9.35 billion yuan from 7.58 billion yuan, and total operating expenses totaled 8.86 billion yuan, compared with 8.78 billion yuan in the prior-year period.

Reported net income totaled 575.8 million yuan, or 13 fen per share, compared with a loss of 1.20 billion yuan, or a loss of 26 fen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.20 yuan.