Hefei Fengle Seed Co. Ltd. said its normalized net income for the second quarter was a loss of 10.2 million yuan, compared with income of 2.9 million 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 2.6% from 0.8% in the year-earlier period.

Total revenue declined 36.0% on an annual basis to 234.4 million yuan from 366.1 million yuan, and total operating expenses fell 32.9% from the prior-year period to 251.8 million yuan from 375.2 million yuan.

Reported net income totaled a loss of 12.2 million yuan, or a loss of 4 fen per share, compared to income of 486,150 yuan, or 0 fen per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to 6.21 yuan.