PEKING (dpa-AFX) - SkyPeople Fruit Juice Inc. (SPU) reported a sharp decrease in profit for the first quarter, due mainly to lower revenues and higher operating expenses.
The China-based company's attributable net profit for the first quarter was $1.92 million or $0.07 per share, compared to $5.29 million or $0.20 per share last year.
Total revenues for the quarter dropped 23 percent to $14.99 million from $19.41 million in the prior-year quarter.
For the quarter, total operating expenses increased to $2.15 million from $1.41 million last year.
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