China New Borun Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported revenues of RMB 457,012,922 against RMB 602,246,617 a year ago. Operating income was RMB 17,380,356 against RMB 21,119,281 a year ago. Income before income taxes was RMB 1,689,748 against RMB 10,703,810 a year ago. Net income was RMB 1,267,311 against RMB 8,027,857 a year ago. Earnings per share basic and diluted share were RMB 0.05 against RMB 0.31 a year ago. The decrease in revenue was mainly due to lower sales volume of edible alcohol and its by-products. Cash flows provided by operating activities for third quarter of 2017 were approximately RMB 341.6 million compared with RMB 382.1 million during the same period of last year.

For the nine months, the company reported revenues of RMB 1,528,016,205 against RMB 1,619,208,219 a year ago. Operating income was RMB 132,834,191 against RMB 99,421,178 a year ago. Income before income taxes was RMB 84,297,230 against RMB 64,209,794 a year ago. Net income was RMB 63,222,923 against RMB 48,157,345 a year ago. Earnings per share basic and diluted share were RMB 2.46 against RMB 1.87 a year ago.

The company estimates that its revenue for the fourth quarter of 2017 will be in the range of RMB 520 million to RMB 560 million an increase of approximately 1.3% to an increase of 9.1% over the same quarter of 2016. With the company's facilities back up to full speed and corn prices stabilizing this harvest season, the company anticipates higher revenue and sequential margin expansion in the fourth quarter of 2017.