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Orient International Enterprise swings to loss in Q4

Orient International Enterprise Ltd. said its normalized net income for the fourth quarter amounted to a loss of 2 fen per share, compared with 6 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 a loss of 9.7 million yuan, compared with income of 26.7 million yuan in the year-earlier period.

The normalized profit margin fell to negative 0.2% from 0.7% in the year-earlier period.

Total revenue increased 10.6% on an annual basis to 4.15 billion yuan from 3.75 billion yuan, and total operating expenses climbed 10.1% on an annual basis to 4.15 billion yuan from 3.77 billion yuan.

Reported net income rose 8.1% from the prior-year period to 42.6 million yuan, or 8 fen per share, from 39.4 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 17 fen per share, a decline of 12.1% from 19 fen per share in the prior year.

Normalized net income was 87.7 million yuan, a fall of 10.8% from 98.4 million yuan in the prior year.

Full-year total revenue declined on an annual basis to 14.17 billion yuan from 14.55 billion yuan, and total operating expenses decreased on an annual basis to 14.16 billion yuan from 14.48 billion yuan.

The company said reported net income grew 9.2% year over year to 147.4 million yuan, or 28 fen per share, in the full year, from 135.0 million yuan, or 26 fen per share.

As of March 25, US$1 was equivalent to 6.51 yuan.