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Changchun Faway Automobile Components Q4 profit falls 5.9% YOY

Changchun Faway Automobile Components Co. Ltd. said its fourth-quarter normalized net income amounted to 21 fen per share, compared with the S&P Capital IQ consensus estimate of 25 fen per share.

EPS fell 6.2% year over year from 23 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 89.7 million yuan, a decrease of 5.9% from 95.4 million yuan in the prior-year period.

The normalized profit margin increased to 3.3% from 3.1% in the year-earlier period.

Total revenue declined 10.4% year over year to 2.74 billion yuan from 3.05 billion yuan, and total operating expenses decreased 9.9% on an annual basis to 2.71 billion yuan from 3.01 billion yuan.

Reported net income declined 13.6% from the prior-year period to 133.4 million yuan, or 31 fen per share, from 154.3 million yuan, or 37 fen per share.

For the year, the company's normalized net income totaled 64 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 93 fen.

EPS declined 21.4% from 82 fen in the prior year.

Normalized net income was 271.2 million yuan, a fall of 21.5% from 345.6 million yuan in the prior year.

Full-year total revenue declined 12.5% year over year to 9.86 billion yuan from 11.27 billion yuan, and total operating expenses decreased 12.1% on an annual basis to 9.77 billion yuan from 11.12 billion yuan.

The company said reported net income fell 23.1% year over year to 425.1 million yuan, or 1.00 yuan per share, in the full year, from 552.7 million yuan, or 1.30 yuan per share.

As of April 13, US$1 was equivalent to 6.47 yuan.