China New Borun Corporation reported unaudited consolidated earnings results for fourth quarter and year ended December 31, 2015. For the quarter, the company's revenues were RMB 699,055,308 against RMB 610,013,951 a year ago. Operating income was RMB 48,024,916 against RMB 44,345,290 a year ago. Income before income tax was RMB 70,880,649 against RMB 17,430,439 a year ago. Net income was RMB 53,160,488 against RMB 13,072,830 a year ago. Basic and diluted earnings per share were RMB 2.07 against RMB 0.51 a year ago. The increase in revenue was mainly attributable to higher sales volume in edible alcohol and its by-products. The change in operating income was primarily attributable to higher gross profit earned and partly offset by the impairment for foam insulation equipment. The increase in net income was primarily attributable to a government subsidy netting of income tax of approximately RMB 32.0 million the Company received during the fourth quarter of 2015, as the local government grants for corn processing. Cash flows used in operating activities for the fourth quarter of 2015 increased to RMB 443.0 million ($68.2 million), which was primarily used in corn pre-purchase in the harvest season.

For the year, the company's revenues were RMB 2,652,043,999 against RMB 2,433,820,369 a year ago. Operating income was RMB 217,288,750 against RMB 212,136,582 a year ago. Income before income tax was RMB 171,806,198 against RMB 105,614,198 a year ago. Net income was RMB 128,854,649 against RMB 79,210,649 a year ago. Basic and diluted earnings per share were RMB 5.01 against RMB 3.08 a year ago.

The company announced impairment loss of fixed assets for the fourth quarter of RMB 7,020,788.

As such the Company estimates that its revenue for the first quarter of 2016 will be in the range of RMB 510 million ($78.5 million) to RMB 540 million ($83.2 million), a decrease of approximately 5.4% to 10.7% over the same quarter of 2015.