Heilongjiang Agriculture Co. Ltd. said its normalized net income for the third quarter amounted to 7 fen per share, a decline of 10.7% from 8 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 129.8 million yuan, a decline of 10.8% from 145.5 million yuan in the year-earlier period.

The normalized profit margin declined to 18.4% from 18.6% in the year-earlier period.

Total revenue declined 12.0% on an annual basis to 689.7 million yuan from 783.6 million yuan, and total operating expenses fell 12.6% year over year to 506.2 million yuan from 579.1 million yuan.

Reported net income declined 10.2% from the prior-year period to 204.1 million yuan, or 12 fen per share, from 227.3 million yuan, or 13 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.