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Shenzhen Ideal Jewellery Q4 profit falls YOY

Shenzhen Ideal Jewellery Co.Ltd. said its fourth-quarter normalized net income was 6 fen per share, a decrease of 39.2% from 9 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 16.4 million yuan, a decline of 19.8% from 20.5 million yuan in the prior-year period.

The normalized profit margin fell to 5.9% from 9.4% in the year-earlier period.

Total revenue increased 20.5% on an annual basis to 261.9 million yuan from 217.4 million yuan, and total operating expenses climbed 30.8% on an annual basis to 236.2 million yuan from 180.5 million yuan.

Reported net income decreased 18.9% year over year to 20.8 million yuan, or 7 fen per share, from 25.6 million yuan, or 11 fen per share.

For the year, the company's normalized net income totaled 19 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 30 fen.

EPS declined 40.4% from 32 fen in the prior year.

Normalized net income was 56.1 million yuan, a fall of 22.8% from 72.6 million yuan in the prior year.

Full-year total revenue declined 5.1% from the prior-year period to 839.5 million yuan from 884.9 million yuan, and total operating expenses fell year over year to 744.3 million yuan from 755.2 million yuan.

The company said reported net income decreased 22.9% year over year to 67.4 million yuan, or 23 fen per share, in the full year, from 87.4 million yuan, or 39 fen per share.

As of March 4, US$1 was equivalent to 6.51 yuan.