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ShanDongDenghai Seeds swings to profit in Q3

ShanDongDenghai Seeds Co. Ltd. said its third-quarter normalized net income was 518,000 yuan, compared with a loss of 1.5 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 rose to 0.8% from negative 3.3% in the year-earlier period.

Total revenue rose 33.6% on an annual basis to 61.8 million yuan from 46.3 million yuan, and total operating expenses increased on an annual basis to 92.3 million yuan from 89.2 million yuan.

Reported net income increased year over year to 7.0 million yuan, or 1 fen per share, from 2.0 million yuan, or 0 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.