Kandi Technologies Group Inc. said its fourth-quarter normalized net income amounted to 5 cents per share, an increase of 30.8% from 4 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.3 million, a gain of 32.2% from $1.8 million in the prior-year period.
The normalized profit margin climbed to 4.0% from 3.3% in the year-earlier period.
Total revenue increased 11.2% on an annual basis to $58.8 million from $52.9 million, and total operating expenses increased 28.3% from the prior-year period to $64.2 million from $50.0 million.
Reported net income decreased 71.2% from the prior-year period to $463,340, or 1 cents per share, from $1.6 million, or 3 cents per share.
For the year, the company's normalized net income totaled 28 cents per share, an increase of 28.9% from 21 cents per share in the prior year.
Normalized net income was $13.0 million, a rise of 41.6% from $9.2 million in the prior year.
Full-year total revenue rose 18.1% on an annual basis to $201.1 million from $170.2 million, and total operating expenses increased 24.3% on an annual basis to $205.0 million from $165.0 million.
The company said reported net income increased 17.4% on an annual basis to $14.5 million, or 31 cents per share, in the full year, from $12.4 million, or 29 cents per share.