Nanjing OLO Home Furnishing Co.Ltd. said its fourth-quarter normalized net income was 22 fen per share, a decrease of 13.2% from 25 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 35.0 million yuan, a gain of 12.4% from 31.2 million yuan in the year-earlier period.

The normalized profit margin declined to 10.8% from 12.0% in the year-earlier period.

Total revenue climbed 24.3% year over year to 323.3 million yuan from 260.2 million yuan, and total operating expenses grew 30.6% from the prior-year period to 274.4 million yuan from 210.0 million yuan.

Reported net income rose year over year to 43.3 million yuan, or 27 fen per share, from 41.8 million yuan, or 34 fen per share.

For the year, the company's normalized net income totaled 49 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 58 fen.

EPS rose 17.5% from 42 fen in the prior year.

Normalized net income was 69.0 million yuan, an increase of 36.1% from 50.7 million yuan in the prior year.

Full-year total revenue increased 35.3% from the prior-year period to 915.0 million yuan from 676.2 million yuan, and total operating expenses rose 36.5% on an annual basis to 812.1 million yuan from 595.1 million yuan.

The company said reported net income increased 21.9% on an annual basis to 83.8 million yuan, or 60 fen per share, in the full year, from 68.7 million yuan, or 57 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.