Liaoning Wellhope Agri-Tech JSC Ltd. said its normalized net income for the fourth quarter came to 8 fen per share, a gain from 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 62.4 million yuan, a gain of 65.8% from 37.6 million yuan in the prior-year period.

The normalized profit margin rose to 2.3% from 1.6% in the year-earlier period.

Total revenue decreased year over year to 2.33 billion yuan from 2.42 billion yuan, and total operating expenses fell on an annual basis to 2.22 billion yuan from 2.33 billion yuan.

Reported net income rose 36.8% on an annual basis to 108.4 million yuan, or 13 fen per share, from 79.2 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 27 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 41 fen.

EPS rose 28.6% from 21 fen in the prior year.

Normalized net income was 225.9 million yuan, a gain of 28.9% from 175.2 million yuan in the prior year.

Full-year total revenue rose 6.1% on an annual basis to 9.70 billion yuan from 9.14 billion yuan, and total operating expenses rose 5.5% on an annual basis to 9.29 billion yuan from 8.81 billion yuan.

The company said reported net income grew 26.3% on an annual basis to 314.2 million yuan, or 38 fen per share, in the full year, from 248.7 million yuan, or 30 fen per share.

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