BTG Hotels (Group) Co. Ltd. said its normalized net income for the fourth quarter was 3 fen per share, a decrease of 36.8% from 6 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.7 million yuan, a decline of 36.8% from 15.3 million yuan in the prior-year period.

The normalized profit margin climbed to 2.2% from 2.0% in the year-earlier period.

Total revenue fell 52.4% year over year to 357.0 million yuan from 749.2 million yuan, and total operating expenses decreased 53.8% on an annual basis to 336.7 million yuan from 728.0 million yuan.

Reported net income rose 48.4% year over year to 33.0 million yuan, or 12 fen per share, from 22.2 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 25 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 11 fen.

EPS declined 16.3% from 30 fen in the prior year.

Normalized net income was 70.7 million yuan, a fall of 16.3% from 84.5 million yuan in the prior year.

Full-year total revenue fell 52.2% on an annual basis to 1.33 billion yuan from 2.79 billion yuan, and total operating expenses decreased 55.2% year over year to 1.18 billion yuan from 2.63 billion yuan.

The company said reported net income fell 11.0% year over year to 100.1 million yuan, or 36 fen per share, in the full year, from 112.5 million yuan, or 41 fen per share.

As of March 30, US$1 was equivalent to 6.47 yuan.