Shenzhen Agricultural Products Co. Ltd. said its normalized net income for the first quarter came to a loss of 9.2 million yuan, compared with a loss of 248,120 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 1.6% from negative 0.1% in the year-earlier period.
Total revenue decreased on an annual basis to 373.8 million yuan from 381.8 million yuan, and total operating expenses grew year over year to 335.0 million yuan from 319.8 million yuan.
Reported net income came to a loss of 5.5 million yuan, or a loss of 0 fen per share, compared to a loss of 11.4 million yuan, or a loss of 1 fen per share, in the prior-year period.
As of April 29, US$1 was equivalent to 6.20 yuan.
