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Kemen Noodle Manufacturing swings to profit in Q4

Kemen Noodle Manufacturing Co.Ltd said its normalized net income for the fourth quarter came to 8 fen per share, compared with a loss of 2 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 23.0 million yuan, compared with a loss of 5.9 million yuan in the year-earlier period.

The normalized profit margin increased to 2.6% from negative 1.4% in the year-earlier period.

Total revenue rose 56.8% year over year to 654.9 million yuan from 417.7 million yuan, and total operating expenses rose 44.9% year over year to 616.0 million yuan from 425.1 million yuan.

Reported net income increased from the prior-year period to 31.8 million yuan, or 12 fen per share, from 1.8 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 31 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 34 fen.

EPS rose 60.4% from 20 fen in the prior year.

Normalized net income was 80.2 million yuan, a gain of 64.3% from 48.8 million yuan in the prior year.

Full-year total revenue grew 23.9% year over year to 1.89 billion yuan from 1.53 billion yuan, and total operating expenses rose 20.8% on an annual basis to 1.76 billion yuan from 1.46 billion yuan.

The company said reported net income rose 64.4% year over year to 108.2 million yuan, or 42 fen per share, in the full year, from 65.8 million yuan, or 26 fen per share.

As of March 25, US$1 was equivalent to 6.51 yuan.