Jiangsu King's Luck Brewery Joint-Stock Co., Ltd. said its normalized net income for the fourth quarter came to 7 fen per share, a gain of 24.2% from 5 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 85.0 million yuan, an increase of 24.3% from 68.4 million yuan in the year-earlier period.

The normalized profit margin rose to 16.6% from 14.3% in the year-earlier period.

Total revenue rose 7.2% on an annual basis to 513.2 million yuan from 478.7 million yuan, and total operating expenses climbed from the prior-year period to 388.4 million yuan from 381.0 million yuan.

Reported net income grew 34.7% on an annual basis to 108.9 million yuan, or 9 fen per share, from 80.9 million yuan, or 6 fen per share.

For the year, the company's normalized net income totaled 45 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 52 fen.

EPS was 45 fen in the prior year.

Normalized net income was 563.5 million yuan, a rise of 5.0% from 536.9 million yuan in the prior year.

Full-year total revenue grew from the prior-year period to 2.42 billion yuan from 2.40 billion yuan, and total operating expenses rose on an annual basis to 1.62 billion yuan from 1.58 billion yuan.

The company said reported net income grew 6.1% on an annual basis to 685.3 million yuan, or 55 fen per share, in the full year, from 645.6 million yuan, or 54 fen per share.

As of March 28, US$1 was equivalent to 6.48 yuan.