Muyuan Foods Co.Ltd. said its normalized net income for the fourth quarter was 19 fen per share, an increase from 3 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 186.9 million yuan, an increase from 29.5 million yuan in the year-earlier period.

The normalized profit margin increased to 17.2% from 3.4% in the year-earlier period.

Total revenue grew 22.8% year over year to 1.06 billion yuan from 861.0 million yuan, and total operating expenses fell 5.6% on an annual basis to 753.6 million yuan from 798.5 million yuan.

Reported net income increased from the prior-year period to 316.9 million yuan, or 32 fen per share, from 77.8 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 37 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 64 fen.

EPS rose from 3 fen in the prior year.

Normalized net income was 356.4 million yuan, a rise from 31.4 million yuan in the prior year.

Full-year total revenue grew 15.3% from the prior-year period to 3.00 billion yuan from 2.60 billion yuan, and total operating expenses decreased on an annual basis to 2.37 billion yuan from 2.48 billion yuan.

The company said reported net income grew year over year to 595.9 million yuan, or 62 fen per share, in the full year, from 80.2 million yuan, or 9 fen per share.

As of Feb. 24, US$1 was equivalent to 6.53 yuan.