China New Borun Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Revenue Guidance for the First Quarter of Fiscal 2017
For the full year, the company announced revenues were RMB 2,132,680,185 against RMB 2,652,043,999 a year ago. Operating income was RMB 129,487,395 against RMB 217,288,750 a year ago. Income before income tax was RMB 78,611,691 against RMB 171,806,198 a year ago. Net income was RMB 58,958,768 against RMB 128,854,649 a year ago. Basic and diluted earnings per share were RMB 2.29 against RMB 5.01 a year ago. The decrease in revenue was mainly attributable to lower sales volume and average selling price in edible alcohol and its by-products, as well as lower sales from chlorinated polyethylene (CPE) due to a temporary factory shut down for maintenance and upgrades. The year-over-year decrease in net income was primarily attributable to the company not receiving any government grants in the fourth quarter of 2016, compared to receiving a government grant of approximately RMB 32.0 million (after-tax) in the fourth quarter of 2015.
The company estimates that its revenue for the first quarter of 2017 will be in the range of RMB 470 million ($67.8 million) to RMB 500 million ($72.1 million), a decrease of approximately 3.4% to an increase of 2.7% over the same quarter of 2016.