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China New Borun Q3 profit falls YOY

China New Borun Corp. said its third-quarter normalized net income amounted to 26 fen per share, a decline of 63.2% from 71 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 6.7 million yuan, a decrease of 63.2% from 18.2 million yuan in the year-earlier period.

The normalized profit margin fell to 1.1% from 2.7% in the year-earlier period.

Total revenue fell 8.9% on an annual basis to 602.2 million yuan from 661.4 million yuan, and total operating expenses decreased year over year to 581.1 million yuan from 610.7 million yuan.

Reported net income declined 63.2% from the prior-year period to 8.0 million yuan, or 31 fen per share, from 21.8 million yuan, or 85 fen per share.

As of Nov. 22, US$1 was equivalent to 6.89 yuan.