HangZhou Nbond Nonwovens Co. Ltd. said its normalized net income for the fourth quarter amounted to 3 fen per share, a decrease of 68.0% from 11 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 4.4 million yuan, a decline of 55.1% from 9.7 million yuan in the prior-year period.

The normalized profit margin dropped to 1.8% from 6.7% in the year-earlier period.

Total revenue climbed 66.8% on an annual basis to 242.7 million yuan from 145.6 million yuan, and total operating expenses climbed 71.8% year over year to 225.5 million yuan from 131.3 million yuan.

Reported net income grew 18.8% from the prior-year period to 15.9 million yuan, or 13 fen per share, from 13.3 million yuan, or 15 fen per share.

For the year, the company's normalized net income totaled 24 fen per share, a fall of 50.0% from 49 fen per share in the prior year.

Normalized net income was 28.0 million yuan, a decrease of 36.1% from 43.8 million yuan in the prior year.

Full-year total revenue grew 17.6% on an annual basis to 618.3 million yuan from 525.8 million yuan, and total operating expenses grew 22.7% on an annual basis to 568.2 million yuan from 463.3 million yuan.

The company said reported net income declined 13.2% year over year to 51.6 million yuan, or 45 fen per share, in the full year, from 59.4 million yuan, or 66 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.