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Jiangsu Holly Q4 profit climbs 79.8% YOY

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Jiangsu Holly Q4 profit climbs 79.8% YOY

Jiangsu Holly Corp. said its normalized net income for the fourth quarter came to 3 fen per share, a gain of 79.7% from 2 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 7.9 million yuan, a gain of 79.8% from 4.4 million yuan in the year-earlier period.

The normalized profit margin rose to 1.0% from 0.4% in the year-earlier period.

Total revenue declined 23.1% on an annual basis to 802.5 million yuan from 1.04 billion yuan, and total operating expenses fell 21.5% from the prior-year period to 814.5 million yuan from 1.04 billion yuan.

Reported net income rose 29.4% on an annual basis to 34.5 million yuan, or 14 fen per share, from 26.6 million yuan, or 11 fen per share.

For the year, the company's normalized net income totaled 18 fen per share, an increase of 7.8% from 17 fen per share in the prior year.

Normalized net income was 45.2 million yuan, an increase of 7.8% from 42.0 million yuan in the prior year.

Full-year total revenue fell 7.9% on an annual basis to 3.69 billion yuan from 4.00 billion yuan, and total operating expenses fell 6.4% year over year to 3.69 billion yuan from 3.94 billion yuan.

The company said reported net income decreased 6.2% year over year to 66.2 million yuan, or 27 fen per share, in the full year, from 70.6 million yuan, or 29 fen per share.

As of April 15, US$1 was equivalent to 6.47 yuan.