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Hefei Fengle Seed Q1 profit climbs 43.1% YOY

Hefei Fengle Seed Co. Ltd. said its first-quarter normalized net income was 4 fen per share, a gain of 43.1% from 3 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 12.6 million yuan, an increase of 43.1% from 8.8 million yuan in the prior-year period.

The normalized profit margin rose to 6.6% from 3.5% in the year-earlier period.

Total revenue decreased 24.6% year over year to 190.9 million yuan from 253.1 million yuan, and total operating expenses decreased 28.1% on an annual basis to 170.2 million yuan from 236.8 million yuan.

Reported net income rose 43.8% year over year to 20.3 million yuan, or 7 fen per share, from 14.1 million yuan, or 5 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.