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Tongwei Q4 loss narrows YOY

Tongwei Co. Ltd. said its normalized net income for the fourth quarter amounted to a loss of 2 fen per share, compared with a loss of 3 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 33.4 million yuan, compared with a loss of 55.5 million yuan in the year-earlier period.

The normalized profit margin climbed to 2.1% from negative 1.7% in the year-earlier period.

Total revenue decreased 10.8% year over year to 2.99 billion yuan from 3.35 billion yuan, and total operating expenses declined 11.2% from the prior-year period to 3.01 billion yuan from 3.38 billion yuan.

Reported net income totaled a loss of 18.3 million yuan, or a loss of 1 fen per share, compared to income of 593,100 yuan, or 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 15 fen per share, a decrease of 7.5% from 16 fen per share in the prior year.

Normalized net income was 238.2 million yuan, a decrease of 7.6% from 257.8 million yuan in the prior year.

Full-year total revenue decreased 8.6% from the prior-year period to 14.08 billion yuan from 15.41 billion yuan, and total operating expenses fell 9.0% year over year to 13.60 billion yuan from 14.94 billion yuan.

The company said reported net income totaled 331.1 million yuan, or 20 fen per share, in the full year, compared with 329.3 million yuan, or 20 fen per share, the prior year.

As of April 12, US$1 was equivalent to 6.47 yuan.