Zhongxing Shenyang Commercial Building Group Co. Ltd. said its fourth-quarter normalized net income was 13 fen per share, a gain of 43.0% from 9 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 35.7 million yuan, a gain of 43.2% from 24.9 million yuan in the prior-year period.

The normalized profit margin increased to 5.9% from 3.2% in the year-earlier period.

Total revenue declined 27.2% year over year to 560.5 million yuan from 770.0 million yuan, and total operating expenses decreased 30.6% on an annual basis to 505.9 million yuan from 729.0 million yuan.

Reported net income declined 7.9% year over year to 38.3 million yuan, or 14 fen per share, from 41.6 million yuan, or 15 fen per share.

For the year, the company's normalized net income totaled 22 fen per share, a gain from 22 fen per share in the prior year.

Normalized net income was 62.3 million yuan, a rise from 61.0 million yuan in the prior year.

Full-year total revenue fell 11.6% from the prior-year period to 2.77 billion yuan from 3.13 billion yuan, and total operating expenses decreased 12.0% year over year to 2.67 billion yuan from 3.03 billion yuan.

The company said reported net income fell 16.5% year over year to 69.9 million yuan, or 25 fen per share, in the full year, from 83.7 million yuan, or 30 fen per share.

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