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Shanghai Jinfeng Wine swings to profit in Q4

Shanghai Jinfeng Wine Co. Ltd. said its normalized net income for the fourth quarter was 4 fen per share, compared with a loss of 1 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 20.8 million yuan, compared with a loss of 6.4 million yuan in the year-earlier period.

The normalized profit margin increased to 5.7% from negative 2.3% in the year-earlier period.

Total revenue rose 29.7% year over year to 365.4 million yuan from 281.8 million yuan, and total operating expenses rose 15.3% on an annual basis to 337.2 million yuan from 292.6 million yuan.

Reported net income rose on an annual basis to 22.3 million yuan, or 4 fen per share, from 4.4 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 14 fen per share, an increase of 25.5% from 11 fen per share in the prior year.

Normalized net income was 72.5 million yuan, an increase of 27.3% from 56.9 million yuan in the prior year.

Full-year total revenue grew 13.3% year over year to 1.07 billion yuan from 941.5 million yuan, and total operating expenses increased 11.6% year over year to 975.6 million yuan from 874.3 million yuan.

The company said reported net income increased 8.7% year over year to 77.6 million yuan, or 15 fen per share, in the full year, from 71.4 million yuan, or 14 fen per share.

As of April 8, US$1 was equivalent to 6.47 yuan.