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Xilinmen Furniture Q4 profit climbs YOY

Xilinmen Furniture Co. Ltd. said its fourth-quarter normalized net income was 18 fen per share, a gain from 1 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 58.3 million yuan, a gain from 4.1 million yuan in the year-earlier period.

The normalized profit margin increased to 9.7% from 1.1% in the year-earlier period.

Total revenue rose 65.4% year over year to 600.1 million yuan from 362.8 million yuan, and total operating expenses grew 41.9% on an annual basis to 496.8 million yuan from 350.2 million yuan.

Reported net income increased from the prior-year period to 78.5 million yuan, or 24 fen per share, from 7.5 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 46 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 56 fen.

EPS rose from 23 fen in the prior year.

Normalized net income was 146.1 million yuan, an increase from 70.8 million yuan in the prior year.

Full-year total revenue grew 30.8% year over year to 1.69 billion yuan from 1.29 billion yuan, and total operating expenses grew 22.6% on an annual basis to 1.43 billion yuan from 1.17 billion yuan.

The company said reported net income increased year over year to 190.6 million yuan, or 61 fen per share, in the full year, from 93.9 million yuan, or 30 fen per share.

As of March 24, US$1 was equivalent to 6.52 yuan.