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Lawton Development swings to loss in Q4

4984785 said its fourth-quarter normalized net income amounted to a loss of 1.7 million yuan, compared with income of 7.5 million 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 dropped to negative 2.4% from 10.1% in the year-earlier period.

Total revenue increased on an annual basis to 77.5 million yuan from 74.1 million yuan, and total operating expenses decreased 5.6% from the prior-year period to 81.8 million yuan from 86.6 million yuan.

Reported net income rose on an annual basis to 22.1 million yuan, or 5 fen per share, from 6.0 million yuan, or 2 fen per share.

For the year, the company's normalized net income totaled a loss of 3 fen per share, compared with 3 fen per share in the prior year.

Normalized net income was a loss of 12.0 million yuan, compared with income of 13.4 million yuan in the prior year.

Full-year total revenue fell 45.7% on an annual basis to 109.8 million yuan from 202.1 million yuan, and total operating expenses declined 32.2% year over year to 144.2 million yuan from 212.6 million yuan.

The company said reported net income declined 72.8% on an annual basis to 2.5 million yuan, or 1 fen per share, in the full year, from 9.3 million yuan, or 2 fen per share.

s of Feb. 5, US$1 was equivalent to 6.58 yuan.Lawton Development Co. Ltd.

4984785 said its fourth-quarter normalized net income amounted to a loss of 1.7 million yuan, compared with income of 7.5 million yuan in the year-earlier period.