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Origin Agritech fiscal Q4 profit climbs 25.0% YOY

Origin Agritech Ltd said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to 1.52 yuan per share, a gain of 23.8% from 1.22 yuan per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 34.8 million yuan, a gain of 25.0% from 27.9 million yuan in the year-earlier period.

The normalized profit margin increased to 12.3% from 9.4% in the year-earlier period.

Total revenue declined year over year to 283.1 million yuan from 296.9 million yuan, and total operating expenses declined 8.8% on an annual basis to 229.4 million yuan from 251.7 million yuan.

Reported net income fell 33.7% from the prior-year period to 53.4 million yuan, or 2.33 yuan per share, from 80.5 million yuan, or 3.54 yuan per share.

For the year, the company's normalized net income totaled a loss of 28 fen per share, compared with a loss of 1.19 yuan per share in the prior year.

Normalized net income was a loss of 6.3 million yuan, compared with a loss of 27.1 million yuan in the prior year.

Full-year total revenue fell 9.4% from the prior-year period to 376.3 million yuan from 415.2 million yuan, and total operating expenses fell 14.7% year over year to 374.9 million yuan from 439.7 million yuan.

The company said reported net income came to a loss of 13.9 million yuan, or a loss of 61 fen per share, in the full year, compared with a loss of 9.6 million yuan, or a loss of 42 fen per share, the prior year.

As of Jan. 28, US$1 was equivalent to 6.58 yuan.