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Xiake Color Spinning swings to profit in Q4

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Xiake Color Spinning swings to profit in Q4

Jiangsu Xiake Environment-Friendly Dyed-Spun Stock Co. Ltd. said its fourth-quarter normalized net income came to 1.3 million yuan, compared with a loss of 168.8 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 rose to negative 39.5% from negative 113.0% in the year-earlier period.

Total revenue fell on an annual basis to 147.6 million yuan from 149.4 million yuan, and total operating expenses declined 75.5% on an annual basis to 148.1 million yuan from 605.5 million yuan.

Reported net income totaled 18.2 million yuan, or 4 fen per share, compared to a loss of 588.2 million yuan, or a loss of 1.47 yuan per share, in the prior-year period.

For the year, the company's normalized net income totaled 2.4 million yuan, compared with a loss of -422.6 million yuan in the prior year.

Full-year total revenue decreased 66.0% from the prior-year period to 393.2 million yuan from 1.16 billion yuan, and total operating expenses fell 80.7% on an annual basis to 392.2 million yuan from 2.03 billion yuan.

The company said reported net income totaled 108.9 million yuan, or 27 fen per share, in the full year, compared with a loss of 1.04 billion yuan, or a loss of 2.59 yuan per share, the prior year.

As of Feb. 4, US$1 was equivalent to 6.56 yuan.