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Beijing WKW Automotive Parts Q4 profit falls YOY

Beijing WKW Automotive Parts Co. Ltd. said its fourth-quarter normalized net income was 7 fen per share, a decline of 35.9% from 10 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 98.3 million yuan, a decline of 25.8% from 132.5 million yuan in the year-earlier period.

The normalized profit margin fell to 8.9% from 14.7% in the year-earlier period.

Total revenue grew 18.8% on an annual basis to 1.07 billion yuan from 901.0 million yuan, and total operating expenses increased 26.0% on an annual basis to 903.2 million yuan from 717.1 million yuan.

Reported net income declined 24.2% on an annual basis to 120.9 million yuan, or 8 fen per share, from 159.4 million yuan, or 12 fen per share.

For the year, the company's normalized net income totaled 24 fen per share, a decline of 20.0% from 29 fen per share in the prior year.

Normalized net income was 356.5 million yuan, a decline from 362.7 million yuan in the prior year.

Full-year total revenue grew 47.7% year over year to 3.62 billion yuan from 2.45 billion yuan, and total operating expenses increased 59.8% year over year to 3.03 billion yuan from 1.90 billion yuan.

The company said reported net income increased 5.4% on an annual basis to 453.5 million yuan, or 30 fen per share, in the full year, from 430.4 million yuan, or 35 fen per share.

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