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DongFeng Automobile swings to profit in Q4

DongFeng Automobile Co. Ltd. said its normalized net income for the fourth quarter was 19.1 million yuan, compared with a loss of 27.8 million yuan in the prior-year period.

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

The normalized profit margin climbed to 0.3% from negative 0.5% in the year-earlier period.

Total revenue climbed year over year to 5.54 billion yuan from 5.34 billion yuan, and total operating expenses grew on an annual basis to 5.71 billion yuan from 5.45 billion yuan.

Reported net income came to a loss of 8.3 million yuan, or a loss of 0 fen per share, compared to income of 12.4 million yuan, or 1 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 11 fen per share, an increase of 22.9% from 9 fen per share in the prior year.

Normalized net income was 227.7 million yuan, a gain of 22.9% from 185.2 million yuan in the prior year.

Full-year total revenue decreased 5.1% on an annual basis to 16.02 billion yuan from 16.88 billion yuan, and total operating expenses decreased on an annual basis to 16.26 billion yuan from 17.06 billion yuan.

The company said reported net income fell 36.4% on an annual basis to 218.9 million yuan, or 11 fen per share, in the full year, from 344.4 million yuan, or 17 fen per share.

As of April 14, US$1 was equivalent to 6.88 yuan.