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Changsha Tongcheng Q4 profit falls YOY

Changsha Tongcheng Holdings Co. Ltd. said its fourth-quarter normalized net income came to 2 fen per share, a decline of 72.9% 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 12.7 million yuan, a decrease of 72.9% from 46.6 million yuan in the year-earlier period.

The normalized profit margin fell to 0.1% from 4.0% in the year-earlier period.

Total revenue fell 9.8% year over year to 1.04 billion yuan from 1.15 billion yuan, and total operating expenses declined 7.8% year over year to 1.02 billion yuan from 1.11 billion yuan.

Reported net income declined 87.0% year over year to 7.2 million yuan, or 1 fen per share, from 55.1 million yuan, or 10 fen per share.

For the year, the company's normalized net income totaled 15 fen per share, a decrease of 35.9% from 24 fen per share in the prior year.

Normalized net income was 83.0 million yuan, a decline of 35.8% from 129.3 million yuan in the prior year.

Full-year total revenue decreased on an annual basis to 4.23 billion yuan from 4.35 billion yuan, and total operating expenses declined year over year to 4.12 billion yuan from 4.21 billion yuan.

The company said reported net income decreased 28.5% on an annual basis to 102.4 million yuan, or 19 fen per share, in the full year, from 143.2 million yuan, or 26 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.