Guangdong Yantang Dairy Co. Ltd. said its fourth-quarter normalized net income was 8 fen per share, a decrease of 12.0% from 9 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 12.5 million yuan, a gain from 12.2 million yuan in the year-earlier period.

The normalized profit margin declined to 3.5% from 4.7% in the year-earlier period.

Total revenue grew 7.6% year over year to 280.4 million yuan from 260.5 million yuan, and total operating expenses increased 9.5% from the prior-year period to 263.6 million yuan from 240.7 million yuan.

Reported net income rose 7.7% year over year to 15.5 million yuan, or 10 fen per share, from 14.3 million yuan, or 11 fen per share.

For the year, the company's normalized net income totaled 49 fen per share, a decrease of 6.6% from 52 fen per share in the prior year.

Normalized net income was 77.0 million yuan, a rise of 21.0% from 63.6 million yuan in the prior year.

Full-year total revenue grew 8.7% from the prior-year period to 1.03 billion yuan from 949.9 million yuan, and total operating expenses increased 8.7% year over year to 919.7 million yuan from 846.3 million yuan.

The company said reported net income grew 21.5% on an annual basis to 96.1 million yuan, or 61 fen per share, in the full year, from 79.1 million yuan, or 65 fen per share.

As of Feb. 3, US$1 was equivalent to 6.58 yuan.