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China New Borun Q2 profit climbs 81.7% YOY

China New Borun Corp. said its second-quarter normalized net income amounted to 1.23 yuan per share, a gain of 81.7% from 68 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.8 million yuan, an increase of 81.7% from 17.5 million yuan in the prior-year period.

The normalized profit margin increased to 4.4% from 2.6% in the year-earlier period.

Total revenue climbed 7.7% year over year to 720.6 million yuan from 668.9 million yuan, and total operating expenses increased 5.7% from the prior-year period to 648.3 million yuan from 613.6 million yuan.

Reported net income increased 81.7% from the prior-year period to 38.1 million yuan, or 1.48 yuan per share, from 21.0 million yuan, or 82 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.