Laobaixing Pharmacy Chain Joint Stock Company said its normalized net income for the fourth quarter came to 21 fen per share, compared with 21 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 56.1 million yuan, a gain of 36.6% from 41.0 million yuan in the prior-year period.

The normalized profit margin increased to 3.8% from 3.7% in the year-earlier period.

Total revenue grew 21.2% on an annual basis to 1.36 billion yuan from 1.12 billion yuan, and total operating expenses grew 22.8% on an annual basis to 1.25 billion yuan from 1.02 billion yuan.

Reported net income rose 24.2% year over year to 76.4 million yuan, or 28 fen per share, from 61.5 million yuan, or 31 fen per share.

For the year, the company's normalized net income totaled 74 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 92 fen.

EPS declined from 77 fen in the prior year.

Normalized net income was 181.1 million yuan, a gain of 17.7% from 153.8 million yuan in the prior year.

Full-year total revenue rose 15.9% on an annual basis to 4.57 billion yuan from 3.94 billion yuan, and total operating expenses rose 16.5% on an annual basis to 4.21 billion yuan from 3.62 billion yuan.

The company said reported net income increased 18.8% year over year to 240.5 million yuan, or 98 fen per share, in the full year, from 202.4 million yuan, or 1.01 yuan per share.

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