Zhejiang Shuanghuan Driveline Co. Ltd. said its normalized net income for the fourth quarter came to 3 fen per share, a decrease of 28.3% from 4 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 15.9 million yuan, a decline of 23.2% from 20.6 million yuan in the year-earlier period.

The normalized profit margin dropped to 5.2% from 5.6% in the year-earlier period.

Total revenue grew 6.1% on an annual basis to 388.4 million yuan from 366.0 million yuan, and total operating expenses grew 9.0% on an annual basis to 356.5 million yuan from 327.0 million yuan.

Reported net income rose from the prior-year period to 36.1 million yuan, or 6 fen per share, from 35.7 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 16 fen per share, an increase from 15 fen per share in the prior year.

Normalized net income was 91.5 million yuan, a gain from 87.4 million yuan in the prior year.

Full-year total revenue increased 10.3% year over year to 1.40 billion yuan from 1.27 billion yuan, and total operating expenses grew 11.0% on an annual basis to 1.24 billion yuan from 1.12 billion yuan.

The company said reported net income increased 10.8% year over year to 135.5 million yuan, or 24 fen per share, in the full year, from 122.3 million yuan, or 22 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.