China New Borun Corp (NYSE:BORN) Reported Unaudited Financial Results For Q4 And Full Year 2013

by Paul Wilson | Thursday, Mar 6, 2014 | 660 views

Boston, MA, 03/06/2014 – China New Borun Corp (NYSE:BORN) reported its unaudited financial outcome for the fourth quarter and full year ended Dec 31, 2013.

Fourth Quarter 2013 Results

China New Borun Corp (NYSE:BORN)’s total revenue in the fourth quarter of 2013 increased by 30.7% and settled at RMB657.8 million or $107.9 million. It had reported total revenue of RMB503.4 million in the same quarter last year. Gross profit increased from RMB54.4 million the reported quarter of previous year to RMB78.6 million this year. This marks an increase of 44.3% for the company. Net income rose 41.1% from RMB21.6 million in the same quarter last year to RMB30.5 million or $5 million this year. Basic and diluted earnings per American Depository Share were RMB1.18 or $0.19. One ADS is equivalent to one ordinary share of the company.

Full Year 2013 Results

Total Revenue for the full year ended Dec 31, 2013 declined by 12.8% year over year to RMB2.3 billion or $369.9 million. For the full year ended Dec 31, 2012, total revenue was RMB2.6 billion. Gross profit also decreased 29.1% year over year from RMB346.8 million in the previous year to RMB245.7 million or 440.3 million in 2013. China New Borun Corp (NYSE:BORN) reported income from operations fell 32% year over year to RMB198.9 million or $32.6 million. In the year ended Dec 31,2 012, it was RMB292.4 million. Net income fell 57.7% year over year to RMB79.5 million or $13 million from RMB188.2 million for the prior year. Basic and diluted earnings per ordinary share and per ADS fell to RMB3.09 or $0.51 from the prior year’s RMB7.31. Weighted average number of basic and diluted shares outstanding was reported to be around 25.7 million in 2013.

Financial Outlook

China New Borun Corp (NYSE:BORN) expects revenue for the first quarter of the present year to be between RMB500 million and RMB530 million, or $82 million and $86.9 million. This marks a hike of 11% to 18% as compared to the results during the same quarter in 2013.

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