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Hunan Friendship & Apollo Commercial Q4 profit falls YOY

Hunan Friendship&Apollo Commercial Co. Ltd. said its fourth-quarter normalized net income amounted to 2 fen per share, a decline of 40.0% from 4 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 24.1 million yuan, a decline of 39.8% from 40.0 million yuan in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.4% in the year-earlier period.

Total revenue climbed 10.4% on an annual basis to 1.86 billion yuan from 1.68 billion yuan, and total operating expenses rose 7.4% from the prior-year period to 1.80 billion yuan from 1.68 billion yuan.

Reported net income fell 41.7% on an annual basis to 22.0 million yuan, or 2 fen per share, from 37.8 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 25 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 28 fen.

EPS declined 10.9% from 28 fen in the prior year.

Normalized net income was 285.7 million yuan, a decrease of 10.3% from 318.4 million yuan in the prior year.

Full-year total revenue rose from the prior-year period to 6.24 billion yuan from 6.04 billion yuan, and total operating expenses grew year over year to 5.81 billion yuan from 5.61 billion yuan.

The company said reported net income fell 12.0% year over year to 310.2 million yuan, or 27 fen per share, in the full year, from 352.4 million yuan, or 31 fen per share.

As of April 12, US$1 was equivalent to 6.47 yuan.