Chengdu Hongqi Chain Co. Ltd. said its normalized net income for the fourth quarter was 1 fen per share, compared with the S&P Capital IQ consensus estimate of 3 fen per share.

EPS fell 84.6% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.2 million yuan, an increase of 8.5% from 13.1 million yuan in the year-earlier period.

The normalized profit margin dropped to 0.8% from 1.1% in the year-earlier period.

Total revenue increased 20.8% on an annual basis to 1.41 billion yuan from 1.17 billion yuan, and total operating expenses rose 20.4% from the prior-year period to 1.41 billion yuan from 1.17 billion yuan.

Reported net income grew from the prior-year period to 24.4 million yuan, or 2 fen per share, from 1.8 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 9 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 fen.

EPS rose from 9 fen in the prior year.

Normalized net income was 126.4 million yuan, a rise of 7.3% from 117.8 million yuan in the prior year.

Full-year total revenue rose 15.2% from the prior-year period to 5.49 billion yuan from 4.76 billion yuan, and total operating expenses increased 14.9% year over year to 5.32 billion yuan from 4.63 billion yuan.

The company said reported net income came to 179.2 million yuan, or 13 fen per share, in the full year, compared with 170.3 million yuan, or 13 fen per share, the prior year.

As of Feb. 17, US$1 was equivalent to 6.52 yuan.