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Xinjiang Sayram Modern Agriculture Q1 loss widens YOY

Xinjiang Sayram Modern Agriculture Co. Ltd. said its normalized net income for the first quarter was a loss of 7.4 million yuan, compared with a loss of 937,550 yuan in the year-earlier period.

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

The normalized profit margin dropped to negative 1.8% from negative 0.5% in the year-earlier period.

Total revenue rose year over year to 186.5 million yuan from 179.6 million yuan, and total operating expenses climbed from the prior-year period to 196.8 million yuan from 190.5 million yuan.

Reported net income came to a loss of 7.7 million yuan, or a loss of 2 fen per share, compared to income of 2.9 million yuan, or 1 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.22 yuan.