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Materials Industry Zhongda swings to profit in Q4

Wuchan Zhongda Group Co.,Ltd. said its fourth-quarter normalized net income came to 1.02 billion yuan, compared with a loss of 26.9 million yuan in the prior-year period.

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

The normalized profit margin increased to 1.4% from negative 0.0% in the year-earlier period.

Total revenue rose 29.0% on an annual basis to 71.07 billion yuan from 55.09 billion yuan, and total operating expenses increased 29.3% from the prior-year period to 71.34 billion yuan from 55.17 billion yuan.

Reported net income rose from the prior-year period to 914.5 million yuan, or 22 fen per share, from 203.9 million yuan, or 4 fen per share.

For the year, the company's normalized net income totaled 38 fen per share, an increase from 17 fen per share in the prior year.

Normalized net income was 1.85 billion yuan, a rise from 751.7 million yuan in the prior year.

Full-year total revenue grew 13.5% from the prior-year period to 207.17 billion yuan from 182.57 billion yuan, and total operating expenses rose 13.4% year over year to 205.28 billion yuan from 181.02 billion yuan.

The company said reported net income grew 55.6% on an annual basis to 2.15 billion yuan, or 45 fen per share, in the full year, from 1.38 billion yuan, or 31 fen per share.

As of April 24, US$1 was equivalent to 6.89 yuan.