Yashili International Holdings Ltd said its normalized net income for the first half was a loss of 19.2 million yuan, compared with income of 48.4 million yuan in the year-earlier period.

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

Total revenue decreased 21.7% on an annual basis to 1.15 billion yuan from 1.46 billion yuan, and total operating expenses decreased 14.7% on an annual basis to 1.24 billion yuan from 1.45 billion yuan.

Reported net income declined 86.2% from the prior-year period to 15.1 million yuan, or 0 fen per share, from 109.3 million yuan, or 2 fen per share.

As of Sept. 13, US$1 was equivalent to 6.68 yuan.