Guangdong Jialong Food Co. Ltd. said its third-quarter normalized net income amounted to 4.5 million yuan, a decrease of 41.2% from 7.7 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 fell to 7.3% from 9.8% in the year-earlier period.
Total revenue decreased 21.1% year over year to 61.8 million yuan from 78.3 million yuan, and total operating expenses decreased 17.8% year over year to 55.9 million yuan from 68.1 million yuan.
Reported net income decreased 32.4% year over year to 5.9 million yuan, or 1 fen per share, from 8.7 million yuan, or 1 fen per share.
As of Oct. 20, US$1 was equivalent to 6.75 yuan.