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China Kangda Food swings to profit in Q4

China Kangda Food Company Ltd said its normalized net income for the fourth quarter amounted to 1 fen per share, compared with a loss of 1 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 4.8 million yuan, compared with a loss of 4.8 million yuan in the prior-year period.

The normalized profit margin rose to 0.6% from negative 1.5% in the year-earlier period.

Total revenue climbed year over year to 334.6 million yuan from 325.5 million yuan, and total operating expenses decreased on an annual basis to 322.0 million yuan from 335.2 million yuan.

Reported net income totaled a loss of 41.3 million yuan, or a loss of 10 fen per share, compared to a loss of 12.3 million yuan, or a loss of 3 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 10.4 million yuan, a rise from 1.0 million yuan in the prior year.

Full-year total revenue fell 5.8% year over year to 1.23 billion yuan from 1.30 billion yuan, and total operating expenses fell 7.7% on an annual basis to 1.17 billion yuan from 1.27 billion yuan.

The company said reported net income came to a loss of 28.1 million yuan, or a loss of 6 fen per share, in the full year, compared with a loss of 4.0 million yuan, or a loss of 1 fen per share, the prior year.

As of March 29, US$1 was equivalent to 6.51 yuan.