Sanquan Food Co. Ltd. said its first-quarter normalized net income amounted to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 3 fen per share.

EPS decreased 10.0% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.4 million yuan, a decline from 23.1 million yuan in the prior-year period.

The normalized profit margin dropped to 1.5% from 1.6% in the year-earlier period.

Total revenue rose 5.2% on an annual basis to 1.49 billion yuan from 1.41 billion yuan, and total operating expenses rose 6.3% from the prior-year period to 1.46 billion yuan from 1.38 billion yuan.

Reported net income decreased 28.2% year over year to 19.0 million yuan, or 2 fen per share, from 26.5 million yuan, or 3 fen per share.

As of April 26, US$1 was equivalent to 6.50 yuan.