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Guangzhou Grandbuy Q4 profit climbs YOY

Guangzhou Grandbuy Co. Ltd. said its fourth-quarter normalized net income amounted to 13 fen per share, a decrease from 14 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 47.6 million yuan, a gain from 46.3 million yuan in the year-earlier period.

The normalized profit margin rose to 2.5% from 2.1% in the year-earlier period.

Total revenue fell 12.9% on an annual basis to 1.92 billion yuan from 2.21 billion yuan, and total operating expenses decreased 13.8% on an annual basis to 1.85 billion yuan from 2.15 billion yuan.

Reported net income grew 14.4% year over year to 84.4 million yuan, or 24 fen per share, from 73.8 million yuan, or 22 fen per share.

For the year, the company's normalized net income totaled 60 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 76 fen.

EPS rose 12.8% from 53 fen in the prior year.

Normalized net income was 205.1 million yuan, a gain of 13.8% from 180.2 million yuan in the prior year.

Full-year total revenue declined from the prior-year period to 7.33 billion yuan from 7.65 billion yuan, and total operating expenses decreased year over year to 7.05 billion yuan from 7.40 billion yuan.

The company said reported net income grew 5.2% on an annual basis to 250.6 million yuan, or 73 fen per share, in the full year, from 238.2 million yuan, or 70 fen per share.

As of March 25, US$1 was equivalent to 6.51 yuan.