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Jiangsu Hongtu High Technology Q4 profit climbs YOY

Jiangsu Hongtu High Technology Co. Ltd. said its normalized net income for the fourth quarter was 10 fen per share, a gain from 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 110.9 million yuan, an increase from 44.1 million yuan in the year-earlier period.

The normalized profit margin rose to 2.0% from 1.0% in the year-earlier period.

Total revenue grew 19.9% on an annual basis to 5.49 billion yuan from 4.58 billion yuan, and total operating expenses rose 20.0% from the prior-year period to 5.29 billion yuan from 4.41 billion yuan.

Reported net income increased on an annual basis to 148.8 million yuan, or 13 fen per share, from 52.2 million yuan, or 5 fen per share.

For the year, the company's normalized net income totaled 31 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 40 fen.

EPS rose from 29 fen in the prior year.

Normalized net income was 353.8 million yuan, a gain from 338.7 million yuan in the prior year.

Full-year total revenue grew 9.6% year over year to 20.51 billion yuan from 18.71 billion yuan, and total operating expenses rose 9.2% on an annual basis to 19.81 billion yuan from 18.13 billion yuan.

The company said reported net income rose 6.0% on an annual basis to 446.9 million yuan, or 39 fen per share, in the full year, from 421.7 million yuan, or 37 fen per share.

As of March 31, US$1 was equivalent to 6.89 yuan.