Guilin Fuda Co. Ltd. said its normalized net income for the fourth quarter was a loss of 3.8 million yuan, compared with income of 19.2 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 5.1% from 6.9% in the year-earlier period.

Total revenue declined 18.1% on an annual basis to 228.9 million yuan from 279.4 million yuan, and total operating expenses decreased 8.6% year over year to 223.4 million yuan from 244.4 million yuan.

Reported net income declined 55.8% year over year to 14.9 million yuan, or 4 fen per share, from 33.7 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 2 fen per share, a decrease of 89.1% from 17 fen per share in the prior year.

Normalized net income was 9.1 million yuan, a decline of 88.3% from 78.0 million yuan in the prior year.

Full-year total revenue fell 22.3% on an annual basis to 933.2 million yuan from 1.20 billion yuan, and total operating expenses decreased 15.8% on an annual basis to 858.1 million yuan from 1.02 billion yuan.

The company said reported net income decreased 54.0% on an annual basis to 50.3 million yuan, or 10 fen per share, in the full year, from 109.3 million yuan, or 23 fen per share.

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