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Zhongnongfa Seed Industry Group swings to loss in Q3

Zhongnongfa Seed Industry Group Co. Ltd. said its third-quarter normalized net income was a loss of 1.2 million yuan, compared with income of 4.3 million yuan in the prior-year period.

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

The normalized profit margin rose to 0.5% from 0.3% in the year-earlier period.

Total revenue decreased 61.3% on an annual basis to 644.7 million yuan from 1.67 billion yuan, and total operating expenses declined 61.9% on an annual basis to 632.7 million yuan from 1.66 billion yuan.

Reported net income decreased 37.0% from the prior-year period to 7.7 million yuan, or 1 fen per share, from 12.2 million yuan, or 1 fen per share.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.