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Shineco fiscal Q3 profit falls YOY

Shineco Inc. said its normalized net income for the fiscal third quarter ended March 31 came to 6 cents per share, a decline from 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.2 million, a decrease from $1.3 million in the prior-year period.

The normalized profit margin declined to 16.2% from 18.5% in the year-earlier period.

Total revenue climbed 10.1% year over year to $7.7 million from $7.0 million, and total operating expenses rose 18.7% from the prior-year period to $6.3 million from $5.3 million.

Reported net income fell 5.4% year over year to $1.7 million, or 9 cents per share, from $1.8 million, or 10 cents per share.