Xinjiang Tianrun Dairy Co. Ltd. said its normalized net income for the fourth quarter was 10 fen per share, compared with a loss of 3 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 11.0 million yuan, compared with a loss of 2.6 million yuan in the year-earlier period.

The normalized profit margin increased to 5.0% from negative 4.0% in the year-earlier period.

Total revenue climbed year over year to 167.2 million yuan from 66.1 million yuan, and total operating expenses climbed year over year to 150.7 million yuan from 64.1 million yuan.

Reported net income totaled 15.1 million yuan, or 14 fen per share, compared to a loss of 1.2 million yuan, or a loss of 2 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 32 fen per share, a gain from 7 fen per share in the prior year.

Normalized net income was 32.9 million yuan, a rise from 5.6 million yuan in the prior year.

Full-year total revenue increased 80.3% from the prior-year period to 588.6 million yuan from 326.5 million yuan, and total operating expenses increased 70.8% year over year to 525.4 million yuan from 307.6 million yuan.

The company said reported net income grew on an annual basis to 50.9 million yuan, or 49 fen per share, in the full year, from 12.6 million yuan, or 15 fen per share.

As of March 28, US$1 was equivalent to 6.48 yuan.