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Sichuan Changhong Electric Q4 loss widens YOY

Sichuan Changhong Electric Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 13 fen per share, compared with a loss of 4 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 607.3 million yuan, compared with a loss of 161.1 million yuan in the prior-year period.

The normalized profit margin fell to negative 3.2% from negative 0.9% in the year-earlier period.

Total revenue rose year over year to 18.89 billion yuan from 18.26 billion yuan, and total operating expenses increased 5.2% year over year to 19.42 billion yuan from 18.46 billion yuan.

Reported net income totaled a loss of 1.48 billion yuan, or a loss of 32 fen per share, compared to income of 373.2 million yuan, or 8 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 17 fen per share, compared with a loss of 2 fen per share in the prior year.

Normalized net income was a loss of 771.5 million yuan, compared with a loss of 96.3 million yuan in the prior year.

Full-year total revenue rose 8.8% from the prior-year period to 64.85 billion yuan from 59.62 billion yuan, and total operating expenses increased 8.8% year over year to 64.92 billion yuan from 59.67 billion yuan.

The company said reported net income totaled a loss of 1.98 billion yuan, or a loss of 43 fen per share, in the full year, compared with income of 58.9 million yuan, or 1 fen per share, the prior year.

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