Angel Yeast Co. Ltd. said its normalized net income for the fourth quarter amounted to 44.2 million yuan, a gain from 363,880 yuan in the year-earlier period.

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

The normalized profit margin rose to 2.1% from 0.0% in the year-earlier period.

Total revenue increased 15.5% year over year to 1.15 billion yuan from 994.2 million yuan, and total operating expenses grew 11.0% year over year to 1.03 billion yuan from 928.2 million yuan.

Reported net income increased from the prior-year period to 86.2 million yuan, or 10 fen per share, from 23.7 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 21 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 34 fen.

EPS rose 69.3% from 12 fen in the prior year.

Normalized net income was 170.1 million yuan, a gain of 69.2% from 100.5 million yuan in the prior year.

Full-year total revenue increased 15.3% on an annual basis to 4.21 billion yuan from 3.65 billion yuan, and total operating expenses increased 13.0% on an annual basis to 3.76 billion yuan from 3.33 billion yuan.

The company said reported net income increased 90.3% on an annual basis to 280.1 million yuan, or 34 fen per share, in the full year, from 147.2 million yuan, or 18 fen per share.

As of March 10, US$1 was equivalent to 6.51 yuan.