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MeiHua Holdings Q4 profit falls YOY

MeiHua Holdings Group Co. Ltd. said its normalized net income for the fourth quarter was 8.4 million yuan, a fall of 87.1% from 64.9 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 1.4% from 2.5% in the year-earlier period.

Total revenue rose 17.2% on an annual basis to 3.03 billion yuan from 2.59 billion yuan, and total operating expenses climbed 28.7% year over year to 2.89 billion yuan from 2.24 billion yuan.

Reported net income decreased 81.7% on an annual basis to 41.9 million yuan, or 2 fen per share, from 229.0 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 8 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 31 fen.

EPS declined from 9 fen in the prior year.

Normalized net income was 248.0 million yuan, a decline of 7.1% from 267.0 million yuan in the prior year.

Full-year total revenue grew 20.2% from the prior-year period to 11.85 billion yuan from 9.86 billion yuan, and total operating expenses grew 21.9% year over year to 10.94 billion yuan from 8.98 billion yuan.

The company said reported net income declined 15.0% year over year to 425.5 million yuan, or 14 fen per share, in the full year, from 500.3 million yuan, or 16 fen per share.

As of Feb. 29, US$1 was equivalent to 6.56 yuan.