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KingClean Electric Q4 profit climbs 89.6% YOY

KingClean Electric Co. Ltd. said its normalized net income for the fourth quarter was 27 fen per share, a gain of 89.1% from 14 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 106.4 million yuan, an increase of 89.6% from 56.2 million yuan in the prior-year period.

The normalized profit margin climbed to 7.9% from 5.6% in the year-earlier period.

Total revenue increased 33.5% year over year to 1.34 billion yuan from 1.00 billion yuan, and total operating expenses grew 32.2% from the prior-year period to 1.26 billion yuan from 953.5 million yuan.

Reported net income rose 42.2% on an annual basis to 166.8 million yuan, or 42 fen per share, from 117.3 million yuan, or 30 fen per share.

For the year, the company's normalized net income totaled 90 fen per share, an increase of 35.9% from 66 fen per share in the prior year.

Normalized net income was 360.1 million yuan, a rise of 42.4% from 252.9 million yuan in the prior year.

Full-year total revenue rose 9.3% from the prior-year period to 4.38 billion yuan from 4.00 billion yuan, and total operating expenses increased 6.6% year over year to 3.94 billion yuan from 3.70 billion yuan.

The company said reported net income grew 37.8% year over year to 501.4 million yuan, or 1.25 yuan per share, in the full year, from 363.8 million yuan, or 95 fen per share.

As of April 24, US$1 was equivalent to 6.89 yuan.