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Hoang Anh Gia Lai swings to loss in Q4

Hoang Anh Gia Lai Agricultural Joint Stock Co. said its normalized net income for the fourth quarter amounted to a loss of 223.68 dong per share, compared with 1.35 dong 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 148.18 billion dong, compared with income of 808.3 million dong in the prior-year period.

The normalized profit margin dropped to negative 18.5% from 0.2% in the year-earlier period.

Total revenue rose year over year to 811.46 billion dong from 396.57 billion dong, and total operating expenses rose on an annual basis to 964.37 billion dong from 314.19 billion dong.

Reported net income came to a loss of 254.77 billion dong, or a loss of 384.59 dong per share, compared to a loss of 2.73 billion dong, or a loss of 5.13 dong per share, in the prior-year period.

For the year, the company's normalized net income totaled 551.85 dong per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2,946.00 dong.

EPS declined from 573.42 dong in the prior year.

Normalized net income was 437.36 billion dong, an increase of 5.0% from 416.59 billion dong in the prior year.

Full-year total revenue increased year over year to 4.731 trillion dong from 2.212 trillion dong, and total operating expenses grew 186.4% on an annual basis to 3.687 trillion dong from 1.288 trillion dong.

The company said reported net income decreased year over year to 724.39 billion dong, or 914.00 dong per share, in the full year, from 735.95 billion dong, or 1,013.00 dong per share.

As of April 11, US$1 was equivalent to 22,295 dong.