Jiangsu Xiuqiang Glasswork Co. Ltd. said its fourth-quarter normalized net income came to a loss of 8.9 million yuan, compared with a loss of 2.4 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 declined to negative 4.6% from negative 1.1% in the year-earlier period.

Total revenue climbed 31.9% on an annual basis to 279.8 million yuan from 212.1 million yuan, and total operating expenses rose 39.6% on an annual basis to 295.0 million yuan from 211.4 million yuan.

Reported net income rose 28.9% on an annual basis to 11.0 million yuan, or 2 fen per share, from 8.6 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 8 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 13 fen.

EPS rose 58.3% from 5 fen in the prior year.

Normalized net income was 46.3 million yuan, a gain of 58.3% from 29.3 million yuan in the prior year.

Full-year total revenue increased 21.8% on an annual basis to 1.02 billion yuan from 837.3 million yuan, and total operating expenses increased 19.7% year over year to 950.4 million yuan from 793.8 million yuan.

The company said reported net income grew 65.7% year over year to 60.5 million yuan, or 10 fen per share, in the full year, from 36.5 million yuan, or 6 fen per share.

As of March 25, US$1 was equivalent to 6.51 yuan.