V V Food & Beverage Co. Ltd. said its normalized net income for the fourth quarter amounted to 1 fen per share, a decrease of 60.8% from 3 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 23.8 million yuan, a decrease of 45.7% from 43.9 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.2% from 3.8% in the year-earlier period.

Total revenue fell 41.3% year over year to 679.4 million yuan from 1.16 billion yuan, and total operating expenses declined 37.3% on an annual basis to 665.4 million yuan from 1.06 billion yuan.

Reported net income declined 38.6% year over year to 71.3 million yuan, or 3 fen per share, from 116.1 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 9 fen per share, an increase of 24.9% from 7 fen per share in the prior year.

Normalized net income was 145.6 million yuan, an increase of 26.4% from 115.2 million yuan in the prior year.

Full-year total revenue declined 12.9% year over year to 3.89 billion yuan from 4.46 billion yuan, and total operating expenses decreased 12.1% year over year to 3.66 billion yuan from 4.16 billion yuan.

The company said reported net income declined 49.4% on an annual basis to 101.5 million yuan, or 6 fen per share, in the full year, from 200.6 million yuan, or 12 fen per share.

As of March 30, US$1 was equivalent to 6.47 yuan.