Zhongnongfa Seed Industry Group Co. Ltd. said its normalized net income for the fourth quarter was a loss of 3 fen per share, compared with 3 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 a loss of 32.2 million yuan, compared with income of 32.6 million yuan in the prior-year period.
The normalized profit margin fell to negative 2.1% from 3.2% in the year-earlier period.
Total revenue rose 48.5% on an annual basis to 1.52 billion yuan from 1.03 billion yuan, and total operating expenses rose 60.0% year over year to 1.51 billion yuan from 943.0 million yuan.
Reported net income declined 58.9% on an annual basis to 29.0 million yuan, or 3 fen per share, from 70.5 million yuan, or 7 fen per share.
For the year, the company's normalized net income totaled a loss of 3 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 fen.
EPS was 4 fen in the prior year.
Normalized net income was a loss of 32.8 million yuan, compared with income of 38.7 million yuan in the prior year.
Full-year total revenue grew 17.0% from the prior-year period to 4.41 billion yuan from 3.77 billion yuan, and total operating expenses rose 18.3% year over year to 4.38 billion yuan from 3.70 billion yuan.
The company said reported net income decreased 47.1% year over year to 44.7 million yuan, or 4 fen per share, in the full year, from 84.5 million yuan, or 9 fen per share.
As of April 28, US$1 was equivalent to 6.90 yuan.