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Liaoning Wellhope Agri-Tech Q1 profit climbs 13.8% YOY

Liaoning Wellhope Agri-Tech JSC Ltd. said its normalized net income for the first quarter came to 6 fen per share, an increase of 8.2% from 6 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 51.1 million yuan, a gain of 13.8% from 44.9 million yuan in the prior-year period.

The normalized profit margin rose to 2.8% from 2.3% in the year-earlier period.

Total revenue rose 5.5% on an annual basis to 2.08 billion yuan from 1.97 billion yuan, and total operating expenses climbed year over year to 2.00 billion yuan from 1.91 billion yuan.

Reported net income grew 40.2% year over year to 68.3 million yuan, or 8 fen per share, from 48.7 million yuan, or 6 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.