China Kanghui Holdings (KH: Quote) reported that its first-quarter net income was RMB29.7 million or $4.7 million, representing a year-over-year increase of 35.0% from RMB22.0 million in the corresponding period of the prior year.
On a per ADS basis, the Company reported net income per ADS of RMB1.15 or $0.18 in the first quarter of 2012, compared to a net income per ADS of RMB0.87 in the corresponding period of the prior year.
Non-GAAP net income increased by 39.7% to RMB32.7 million or $5.2 million from RMB23.4 million in the corresponding period of the prior year. The Company reported non-GAAP net income per diluted ADS of RMB1.26 or $0.20 in the first quarter of 2012, compared to a non-GAAP net income per ADS of RMB0.93 in the corresponding period of the prior year.
Net revenue increased by 21.6% year-over-year to RMB82.7 million or $13.1 million in the first quarter of 2012 from RMB68.0 million in the corresponding period of the prior year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share on revenues of $12.75 million for the quarter. Analysts' estimates typically exclude special items.
The company reiterated that it anticipates revenue for full year 2012 will be in the range of RMB392 million to RMB403 million, which represents year-over-year growth of 20% to 23%. The Company also estimates its full year 2012 non-GAAP net income to be in the range of RMB146 million to RMB153 million.
Analysts expected the company to report earnings of $0.92 per share on revenues of $63.46 million for fiscal 2012.
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by RTT Staff Writer
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