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China Starch Holdings H1 profit climbs 18.5% YOY

China Starch Holdings Ltd said its normalized net income for the first half was 1 fen per share, a gain of 18.5% from 1 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 76.6 million yuan, a gain of 18.5% from 64.6 million yuan in the prior-year period.

Total revenue climbed 6.1% on an annual basis to 2.12 billion yuan from 2.00 billion yuan, and total operating expenses grew 5.3% year over year to 2.00 billion yuan from 1.90 billion yuan.

Reported net income rose 33.6% year over year to 94.8 million yuan, or 2 fen per share, from 71.0 million yuan, or 1 fen per share.

As of Aug. 29, US$1 was equivalent to 6.68 yuan.