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Shenzhen China Bicycle swings to profit in Q4

Shenzhen China Bicycle Co. (Holdings) Ltd. said its normalized net income for the fourth quarter was 2.1 million yuan, compared with a loss of 278,250 yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 5.0% from negative 1.3% in the year-earlier period.

Total revenue climbed 90.6% year over year to 42.0 million yuan from 22.0 million yuan, and total operating expenses climbed 80.1% from the prior-year period to 38.2 million yuan from 21.2 million yuan.

Reported net income rose on an annual basis to 2.9 million yuan, or 1 fen per share, from 523,070 yuan, or 0 fen per share.

For the year, the company's normalized net income totaled 1.1 million yuan, a fall of 19.4% from 1.3 million yuan in the prior year.

Full-year total revenue decreased year over year to 137.5 million yuan from 142.0 million yuan, and total operating expenses decreased on an annual basis to 135.9 million yuan from 138.3 million yuan.

The company said reported net income fell 41.3% on an annual basis to 1.5 million yuan, or 0 fen per share, in the full year, from 2.6 million yuan, or 1 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.