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Wuhan Zhongnan Commercial Q4 loss widens YOY

Wuhan Zhongnan Commercial Group Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 22.9 million yuan, compared with a loss of 2.7 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 2.4% from negative 0.2% in the year-earlier period.

Total revenue declined 7.5% year over year to 1.18 billion yuan from 1.27 billion yuan, and total operating expenses fell on an annual basis to 1.19 billion yuan from 1.25 billion yuan.

Reported net income came to a loss of 55.5 million yuan, or a loss of 21 fen per share, compared to income of 3.2 million yuan, or 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 9 fen per share, compared with 8 fen per share in the prior year.

Normalized net income was a loss of 22.6 million yuan, compared with income of 19.8 million yuan in the prior year.

Full-year total revenue decreased year over year to 4.41 billion yuan from 4.46 billion yuan, and total operating expenses came to 4.35 billion yuan, compared with 4.33 billion yuan in the year-earlier period.

The company said reported net income totaled a loss of 48.0 million yuan, or a loss of 19 fen per share, in the full year, compared with income of 26.1 million yuan, or 10 fen per share, the prior year.

As of March 25, US$1 was equivalent to 6.51 yuan.