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Jiangsu Hengshun Vinegar-Industry Q1 profit climbs YOY

Jiangsu Hengshun Vinegar-Industry Co. Ltd. said its first-quarter normalized net income came to 19 fen per share, an increase from 3 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 113.7 million yuan, an increase from 14.2 million yuan in the prior-year period.

The normalized profit margin increased to 34.7% from 4.4% in the year-earlier period.

Total revenue grew year over year to 332.8 million yuan from 320.6 million yuan, and total operating expenses increased year over year to 285.4 million yuan from 278.4 million yuan.

Reported net income rose from the prior-year period to 145.8 million yuan, or 24 fen per share, from 13.8 million yuan, or 3 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.