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Origin Agritech fiscal Q1 loss narrows YOY

Origin Agritech Ltd said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, was a loss of 76 fen per share, compared with a loss of 80 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 17.3 million yuan, compared with a loss of 18.2 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 202.4% from negative 116.5% in the year-earlier period.

Total revenue fell 45.1% on an annual basis to 8.6 million yuan from 15.6 million yuan, and total operating expenses decreased 19.2% year over year to 30.8 million yuan from 38.1 million yuan.

Reported net income totaled a loss of 28.7 million yuan, or a loss of 1.26 yuan per share, compared to a loss of 29.6 million yuan, or a loss of 1.30 yuan per share, in the year-earlier period.

As of Jan. 29, US$1 was equivalent to 6.58 yuan.