China Huishan Dairy Holdings Company Ltd said its normalized net income for the fiscal second half ended March 31 came to 2 fen per share, a decrease of 37.1% from 3 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 307.5 million yuan, a decrease of 37.4% from 491.2 million yuan in the year-earlier period.

Total revenue declined year over year to 1.93 billion yuan from 2.00 billion yuan, and total operating expenses rose 14.7% on an annual basis to 1.28 billion yuan from 1.11 billion yuan.

Reported net income decreased 88.0% on an annual basis to 87.8 million yuan, or 1 fen per share, from 733.4 million yuan, or 5 fen per share.

For the year, the company's normalized net income totaled 6 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 9 fen.

EPS declined 8.6% from 7 fen in the prior year.

Normalized net income was 863.5 million yuan, an increase from 852.5 million yuan in the prior year.

Full-year total revenue increased 11.1% from the prior-year period to 3.92 billion yuan from 3.53 billion yuan, and total operating expenses increased 14.0% on an annual basis to 2.24 billion yuan from 1.96 billion yuan.

The company said reported net income fell 29.8% year over year to 877.1 million yuan, or 6 fen per share, in the full year, from 1.25 billion yuan, or 10 fen per share.

As of July 24, US$1 was equivalent to 6.21 yuan.