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Zhejiang Shibao swings to loss in Q4

Zhejiang Shibao Company Ltd said its fourth-quarter normalized net income was a loss of 2.5 million yuan, compared with income of 2.1 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 fell to negative 1.3% from 0.9% in the year-earlier period.

Total revenue declined year over year to 214.4 million yuan from 223.7 million yuan, and total operating expenses came to 214.2 million yuan, compared with 213.2 million yuan in the year-earlier period.

Reported net income decreased 21.2% from the prior-year period to 5.1 million yuan, or 1 fen per share, from 6.5 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 4 fen per share, compared with 4 fen per share in the prior year.

Normalized net income was 35.3 million yuan, an increase of 13.4% from 31.1 million yuan in the prior year.

Full-year total revenue rose on an annual basis to 837.7 million yuan from 811.2 million yuan, and total operating expenses grew on an annual basis to 789.7 million yuan from 753.2 million yuan.

The company said reported net income grew 23.4% year over year to 53.5 million yuan, or 7 fen per share, in the full year, from 43.4 million yuan, or 6 fen per share.

As of March 24, US$1 was equivalent to 6.52 yuan.