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Heilongjiang Agriculture Q1 profit falls YOY

Heilongjiang Agriculture Co. Ltd. said its normalized net income for the first quarter was 6 fen per share, a decrease of 80.7% from 30 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 102.7 million yuan, a decrease of 80.6% from 528.4 million yuan in the year-earlier period.

The normalized profit margin declined to 16.1% from 28.1% in the year-earlier period.

Total revenue decreased 66.1% on an annual basis to 637.1 million yuan from 1.88 billion yuan, and total operating expenses decreased 70.4% year over year to 486.0 million yuan from 1.64 billion yuan.

Reported net income decreased 81.1% on an annual basis to 155.5 million yuan, or 9 fen per share, from 822.3 million yuan, or 46 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.