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Dongfang Modern Agriculture H2 profit climbs 28.0% YOY

Dongfang Modern Agriculture Holding Group Ltd. said its second-half normalized net income was 71 fen per share, an increase of 67.1% from 42 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 260.2 million yuan, an increase of 28.0% from 203.2 million yuan in the prior-year period.

Total revenue increased 26.0% on an annual basis to 933.9 million yuan from 741.5 million yuan, and total operating expenses increased 25.1% from the prior-year period to 521.3 million yuan from 416.8 million yuan.

Reported net income came to 380.7 million yuan, or 1.04 yuan per share, compared to 380.3 million yuan, or 79 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 72 fen per share, an increase of 24.4% from 58 fen per share in the prior year.

Normalized net income was 257.5 million yuan, a rise of 27.2% from 202.4 million yuan in the prior year.

Full-year total revenue increased 26.0% year over year to 933.9 million yuan from 741.5 million yuan, and total operating expenses increased 25.0% year over year to 523.0 million yuan from 418.5 million yuan.

The company said reported net income came to 391.3 million yuan, or 1.09 yuan per share, in the full year, compared with 382.6 million yuan, or 1.09 yuan per share, the prior year.

As of March 30, US$1 was equivalent to 6.47 yuan.