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Jiangsu Holly swings to loss in Q4

Jiangsu Holly Corp. said its normalized net income for the fourth quarter amounted to a loss of 10 fen per share, compared with 3 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 24.2 million yuan, compared with income of 7.9 million yuan in the prior-year period.

The normalized profit margin declined to negative 3.4% from 1.0% in the year-earlier period.

Total revenue declined 10.8% on an annual basis to 715.8 million yuan from 802.5 million yuan, and total operating expenses fell 6.6% from the prior-year period to 760.8 million yuan from 814.5 million yuan.

Reported net income totaled a loss of 13.8 million yuan, or a loss of 6 fen per share, compared to income of 34.5 million yuan, or 14 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 574,620 yuan, a decrease of 98.7% from 45.2 million yuan in the prior year.

Full-year total revenue fell 21.1% from the prior-year period to 2.91 billion yuan from 3.69 billion yuan, and total operating expenses decreased 20.8% on an annual basis to 2.92 billion yuan from 3.69 billion yuan.

The company said reported net income declined 65.5% year over year to 22.9 million yuan, or 9 fen per share, in the full year, from 66.2 million yuan, or 27 fen per share.

As of April 28, US$1 was equivalent to 6.90 yuan.