Baolingbao Biology Co.Ltd. said its normalized net income for the fourth quarter came to a loss of 1.2 million yuan, compared with a loss of 14.3 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 1.8% from negative 6.0% in the year-earlier period.

Total revenue increased 17.5% year over year to 277.9 million yuan from 236.4 million yuan, and total operating expenses increased 11.3% on an annual basis to 284.0 million yuan from 255.1 million yuan.

Reported net income came to 3.5 million yuan, or 1 fen per share, compared to a loss of 8.2 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 6 fen per share, a gain from 2 fen per share in the prior year.

Normalized net income was 23.2 million yuan, an increase from 8.0 million yuan in the prior year.

Full-year total revenue rose 31.4% year over year to 1.20 billion yuan from 910.7 million yuan, and total operating expenses grew 28.4% on an annual basis to 1.17 billion yuan from 914.5 million yuan.

The company said reported net income increased 79.8% year over year to 40.9 million yuan, or 11 fen per share, in the full year, from 22.8 million yuan, or 6 fen per share.

As of Feb. 24, US$1 was equivalent to 6.53 yuan.