Minsheng Holdings Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 2 fen per share, compared with 13 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 a loss of 10.4 million yuan, compared with income of 66.8 million yuan in the year-earlier period.

The normalized profit margin fell to negative 9.8% from 51.9% in the year-earlier period.

Total revenue decreased 17.5% year over year to 106.1 million yuan from 128.7 million yuan, and total operating expenses declined 20.3% year over year to 92.4 million yuan from 115.9 million yuan.

Reported net income fell 42.8% from the prior-year period to 39.6 million yuan, or 7 fen per share, from 69.2 million yuan, or 13 fen per share.

For the year, the company's normalized net income totaled 3 fen per share, a decrease of 83.9% from 17 fen per share in the prior year.

Normalized net income was 14.7 million yuan, a decrease of 83.9% from 91.5 million yuan in the prior year.

Full-year total revenue fell 50.4% year over year to 234.7 million yuan from 473.4 million yuan, and total operating expenses decreased 48.7% on an annual basis to 233.7 million yuan from 455.4 million yuan.

The company said reported net income fell 75.8% on an annual basis to 21.3 million yuan, or 4 fen per share, in the full year, from 88.2 million yuan, or 17 fen per share.

As of March 14, US$1 was equivalent to 6.50 yuan.