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Shanghai New World Q4 profit climbs 35.5% YOY

Shanghai New World Co. Ltd said its normalized net income for the fourth quarter amounted to 9 fen per share, a gain of 30.2% from 7 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 47.3 million yuan, a gain of 35.5% from 34.9 million yuan in the year-earlier period.

The normalized profit margin rose to 3.7% from 3.7% in the year-earlier period.

Total revenue fell 9.4% year over year to 858.2 million yuan from 947.3 million yuan, and total operating expenses fell 8.6% on an annual basis to 766.3 million yuan from 838.4 million yuan.

Reported net income fell 79.5% year over year to 15.9 million yuan, or 3 fen per share, from 77.9 million yuan, or 15 fen per share.

For the year, the company's normalized net income totaled 32 fen per share, a gain of 5.9% from 30 fen per share in the prior year.

Normalized net income was 168.4 million yuan, a gain from 162.1 million yuan in the prior year.

Full-year total revenue decreased 6.6% year over year to 3.11 billion yuan from 3.33 billion yuan, and total operating expenses fell 7.3% on an annual basis to 2.76 billion yuan from 2.98 billion yuan.

The company said reported net income declined 78.2% on an annual basis to 52.2 million yuan, or 10 fen per share, in the full year, from 239.7 million yuan, or 45 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.