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HL Corp. swings to loss in Q4

HL Corp (Shenzhen) said its fourth-quarter normalized net income was a loss of 1.3 million yuan, compared with income of 9.6 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.4% from 2.3% in the year-earlier period.

Total revenue fell 15.8% on an annual basis to 355.4 million yuan from 422.0 million yuan, and total operating expenses fell 10.3% on an annual basis to 360.6 million yuan from 402.1 million yuan.

Reported net income totaled a loss of 6.2 million yuan, or a loss of 2 fen per share, compared to income of 3.7 million yuan, or 1 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 7 fen per share, compared with 5 fen per share in the prior year.

Normalized net income was a loss of 24.4 million yuan, compared with income of 17.6 million yuan in the prior year.

Full-year total revenue decreased 14.9% year over year to 1.36 billion yuan from 1.60 billion yuan, and total operating expenses declined 9.3% year over year to 1.41 billion yuan from 1.55 billion yuan.

The company said reported net income totaled a loss of 54.8 million yuan, or a loss of 15 fen per share, in the full year, compared with income of 5.2 million yuan, or 1 fen per share, the prior year.

As of April 14, US$1 was equivalent to 6.49 yuan.