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China Starch Holdings H2 profit falls YOY

China Starch Holdings Ltd said its normalized net income for the second half amounted to 30.2 million yuan, a decrease of 45.6% from 55.6 million yuan in the prior-year period.

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

Total revenue grew 22.9% year over year to 2.36 billion yuan from 1.92 billion yuan, and total operating expenses rose 26.3% from the prior-year period to 2.32 billion yuan from 1.84 billion yuan.

Reported net income rose on an annual basis to 27.9 million yuan, or 0 fen per share, from 5.3 million yuan, or 0 fen per share.

For the year, the company's normalized net income totaled 1 fen per share, a decline of 12.4% from 2 fen per share in the prior year.

Normalized net income was 89.1 million yuan, a fall of 12.4% from 101.7 million yuan in the prior year.

Full-year total revenue grew on an annual basis to 4.36 billion yuan from 4.17 billion yuan, and total operating expenses rose 5.4% year over year to 4.23 billion yuan from 4.02 billion yuan.

The company said reported net income rose 57.6% year over year to 98.9 million yuan, or 2 fen per share, in the full year, from 62.7 million yuan, or 1 fen per share.

As of April 11, US$1 was equivalent to 6.46 yuan.