Kingold Jewelry Inc. said its fourth-quarter normalized net income was 7 cents per share, a decrease of 31.7% from 10 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.5 million, a decrease of 31.7% from $6.7 million in the year-earlier period.
The normalized profit margin declined to 1.6% from 3.2% in the year-earlier period.
Total revenue climbed 34.1% year over year to $280.8 million from $209.3 million, and total operating expenses rose 37.0% year over year to $272.4 million from $198.8 million.
Reported net income declined 29.5% from the prior-year period to $5.9 million, or 9 cents per share, from $8.4 million, or 12 cents per share.
For the year, the company's normalized net income totaled 26 cents per share, a fall of 56.5% from 61 cents per share in the prior year.
Normalized net income was $17.4 million, a fall of 56.5% from $40.1 million in the prior year.
Full-year total revenue declined 9.7% from the prior-year period to $1.00 billion from $1.11 billion, and total operating expenses declined 6.8% year over year to $970.7 million from $1.04 billion.
The company said reported net income declined 54.2% year over year to $21.8 million, or 33 cents per share, in the full year, from $47.5 million, or 72 cents per share.