Nanning Sugar Industry Co. Ltd. said its first-quarter normalized net income amounted to a loss of 5 fen per share, compared with a loss of 12 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 a loss of 14.1 million yuan, compared with a loss of 34.7 million yuan in the year-earlier period.
The normalized profit margin increased to 1.5% from negative 5.6% in the year-earlier period.
Total revenue grew 42.6% year over year to 880.6 million yuan from 617.7 million yuan, and total operating expenses climbed 36.4% from the prior-year period to 868.8 million yuan from 637.1 million yuan.
Reported net income came to 21.0 million yuan, or 7 fen per share, compared to a loss of 59.0 million yuan, or a loss of 21 fen per share, in the year-earlier period.
As of April 23, US$1 was equivalent to 6.20 yuan.
