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Chuying Agro-pastoral swings to profit in Q4

Chuying Agro-pastoral Group Co., Ltd said its normalized net income for the fourth quarter amounted to 62.4 million yuan, compared with a loss of 12.8 million 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 increased to 3.4% from negative 0.9% in the year-earlier period.

Total revenue grew 29.6% on an annual basis to 1.82 billion yuan from 1.40 billion yuan, and total operating expenses increased 23.4% on an annual basis to 1.60 billion yuan from 1.30 billion yuan.

Reported net income grew 42.0% from the prior-year period to 162.5 million yuan, or 5 fen per share, from 114.5 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 483.1 million yuan, a rise from 23.2 million yuan in the prior year.

Full-year total revenue increased 68.3% from the prior-year period to 6.09 billion yuan from 3.62 billion yuan, and total operating expenses rose 48.4% year over year to 5.10 billion yuan from 3.43 billion yuan.

The company said reported net income grew on an annual basis to 869.1 million yuan, or 28 fen per share, in the full year, from 220.4 million yuan, or 7 fen per share.

As of April 26, US$1 was equivalent to 6.89 yuan.