Lanzhou Sanmao Industrial Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 21 fen per share, compared with 1 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 36.8 million yuan, compared with income of 2.5 million yuan in the prior-year period.
The normalized profit margin fell to negative 68.7% from 4.0% in the year-earlier period.
Total revenue fell 15.1% year over year to 53.9 million yuan from 63.5 million yuan, and total operating expenses increased 32.1% from the prior-year period to 105.9 million yuan from 80.2 million yuan.
Reported net income came to a loss of 56.0 million yuan, or a loss of 32 fen per share, compared to income of 4.0 million yuan, or 2 fen per share, in the prior-year period.
For the year, the company's normalized net income totaled a loss of 27 fen per share, compared with 3 fen per share in the prior year.
Normalized net income was a loss of 51.4 million yuan, compared with income of 6.3 million yuan in the prior year.
Full-year total revenue decreased 25.1% on an annual basis to 206.9 million yuan from 276.4 million yuan, and total operating expenses declined year over year to 283.3 million yuan from 287.3 million yuan.
The company said reported net income totaled a loss of 79.1 million yuan, or a loss of 42 fen per share, in the full year, compared with income of 10.1 million yuan, or 5 fen per share, the prior year.
As of March 24, US$1 was equivalent to 6.52 yuan.