China New Borun Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company announced revenues were RMB 513,471,966 against RMB 699,055,308 a year ago. Operating income was RMB 30,066,217 against RMB 48,024,916 a year ago. Income before income tax was RMB 14,401,897 against RMB 70,880,649 a year ago. Net income was RMB 10,801,423 against RMB 53,160,488 a year ago. Basic and diluted earnings per share were RMB 0.42 against RMB 2.07 a year ago.

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.