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Xiwang Foodstuffs Q1 profit climbs 88.7% YOY

Xiwang Foodstuffs Co.,Ltd. said its normalized net income for the first quarter amounted to 9 fen per share, an increase of 92.1% from 5 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 35.2 million yuan, an increase of 88.7% from 18.6 million yuan in the prior-year period.

The normalized profit margin rose to 5.7% from 5.0% in the year-earlier period.

Total revenue increased 65.3% on an annual basis to 618.0 million yuan from 373.9 million yuan, and total operating expenses rose 62.9% from the prior-year period to 559.0 million yuan from 343.1 million yuan.

Reported net income increased 82.4% from the prior-year period to 49.1 million yuan, or 13 fen per share, from 26.9 million yuan, or 7 fen per share.

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