V V Food & Beverage Co. Ltd. said its fourth-quarter normalized net income came to a loss of 1.5 million yuan, compared with income of 15.2 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 0.1% from 2.2% in the year-earlier period.

Total revenue climbed 82.2% year over year to 1.24 billion yuan from 679.4 million yuan, and total operating expenses climbed 88.8% from the prior-year period to 1.26 billion yuan from 665.4 million yuan.

Reported net income came to a loss of 26.3 million yuan, or a loss of 1 fen per share, compared to income of 71.3 million yuan, or 3 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 6 fen per share, a fall of 34.8% from 9 fen per share in the prior year.

Normalized net income was 98.4 million yuan, a fall of 32.5% from 145.6 million yuan in the prior year.

Full-year total revenue grew 14.8% year over year to 4.46 billion yuan from 3.89 billion yuan, and total operating expenses rose 15.7% year over year to 4.23 billion yuan from 3.66 billion yuan.

The company said reported net income decreased 30.9% year over year to 70.1 million yuan, or 4 fen per share, in the full year, from 101.5 million yuan, or 6 fen per share.

As of March 21, US$1 was equivalent to 6.90 yuan.