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Wanxiang Qianchao Q4 profit climbs 36.1% YOY

Wanxiang Qianchao Co. Ltd. said its normalized net income for the fourth quarter amounted to 3 fen per share, an increase of 36.2% from 2 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 86.1 million yuan, a gain of 36.1% from 63.2 million yuan in the year-earlier period.

The normalized profit margin rose to 2.9% from 2.4% in the year-earlier period.

Total revenue grew 13.0% year over year to 2.98 billion yuan from 2.63 billion yuan, and total operating expenses climbed 13.1% from the prior-year period to 2.80 billion yuan from 2.47 billion yuan.

Reported net income increased 6.7% from the prior-year period to 207.7 million yuan, or 8 fen per share, from 194.7 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 18 fen per share, an increase of 12.1% from 16 fen per share in the prior year.

Normalized net income was 484.2 million yuan, a gain of 12.1% from 431.8 million yuan in the prior year.

Full-year total revenue increased on an annual basis to 10.24 billion yuan from 9.83 billion yuan, and total operating expenses rose year over year to 9.39 billion yuan from 9.01 billion yuan.

The company said reported net income rose 10.3% on an annual basis to 779.6 million yuan, or 28 fen per share, in the full year, from 706.8 million yuan, or 26 fen per share.

As of Feb. 26, US$1 was equivalent to 6.54 yuan.