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Sino Grandness Food Industry Q3 profit falls YOY

Sino Grandness Food Industry Group Ltd. said its normalized net income for the third quarter amounted to 12 fen per share, a decline of 56.8% from 27 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 79.4 million yuan, a decline of 50.5% from 160.3 million yuan in the year-earlier period.

The normalized profit margin climbed to 24.4% from 15.6% in the year-earlier period.

Total revenue fell 7.9% on an annual basis to 949.6 million yuan from 1.03 billion yuan, and total operating expenses rose 6.9% year over year to 783.9 million yuan from 733.5 million yuan.

Reported net income fell 58.6% from the prior-year period to 77.1 million yuan, or 11 fen per share, from 186.3 million yuan, or 32 fen per share.

As of Nov. 12, US$1 was equivalent to 6.37 yuan.