Shanghai Yuyuan Tourist Mart Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 5 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

The per-share result swung to a loss from the prior-year profit of 13 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 71.5 million yuan, compared with income of 179.8 million yuan in the prior-year period.

The normalized profit margin fell to negative 2.2% from 5.1% in the year-earlier period.

Total revenue declined 7.8% on an annual basis to 3.22 billion yuan from 3.50 billion yuan, and total operating expenses decreased from the prior-year period to 3.27 billion yuan from 3.42 billion yuan.

Reported net income fell 82.4% on an annual basis to 55.6 million yuan, or 4 fen per share, from 316.0 million yuan, or 22 fen per share.

For the year, the company's normalized net income totaled 22 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 35 fen.

EPS declined 47.6% from 43 fen in the prior year.

Normalized net income was 321.8 million yuan, a decline of 47.6% from 613.9 million yuan in the prior year.

Full-year total revenue fell 10.9% year over year to 15.64 billion yuan from 17.55 billion yuan, and total operating expenses fell 11.1% on an annual basis to 15.07 billion yuan from 16.94 billion yuan.

The company said reported net income fell 43.6% on an annual basis to 478.8 million yuan, or 33 fen per share, in the full year, from 849.1 million yuan, or 59 fen per share.

As of March 27, US$1 was equivalent to 6.88 yuan.