Hefei Fengle Seed Co. Ltd said its normalized net income for the fourth quarter came to 16 fen per share, an increase of 10.8% 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 46.9 million yuan, an increase of 11.0% from 42.3 million yuan in the prior-year period.

The normalized profit margin climbed to 6.2% from 5.8% in the year-earlier period.

Total revenue fell 20.5% on an annual basis to 577.9 million yuan from 726.7 million yuan, and total operating expenses decreased 21.6% year over year to 499.4 million yuan from 636.8 million yuan.

Reported net income fell 9.5% year over year to 78.6 million yuan, or 26 fen per share, from 86.8 million yuan, or 29 fen per share.

For the year, the company's normalized net income totaled 4 fen per share, a decrease of 64.7% from 10 fen per share in the prior year.

Normalized net income was 10.5 million yuan, a fall of 64.7% from 29.6 million yuan in the prior year.

Full-year total revenue decreased 19.3% on an annual basis to 1.11 billion yuan from 1.38 billion yuan, and total operating expenses decreased 19.1% on an annual basis to 1.10 billion yuan from 1.36 billion yuan.

The company said reported net income declined 50.1% year over year to 30.4 million yuan, or 10 fen per share, in the full year, from 61.0 million yuan, or 20 fen per share.

As of April 8, US$1 was equivalent to 6.47 yuan.