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Wangfujing Group Q4 profit falls YOY

Wangfujing Group Co. Ltd. said its normalized net income for the fourth quarter was 13 fen per share, a decrease of 46.9% from 25 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 103.7 million yuan, a decline of 31.6% from 151.6 million yuan in the prior-year period.

The normalized profit margin declined to 2.0% from 3.5% in the year-earlier period.

Total revenue increased 16.2% year over year to 5.08 billion yuan from 4.37 billion yuan, and total operating expenses grew 16.1% year over year to 4.89 billion yuan from 4.21 billion yuan.

Reported net income grew year over year to 136.2 million yuan, or 18 fen per share, from 58.1 million yuan, or 10 fen per share.

For the year, the company's normalized net income totaled 78 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 81 fen.

EPS declined 28.7% from 1.10 yuan in the prior year.

Normalized net income was 505.8 million yuan, a decline of 23.5% from 661.5 million yuan in the prior year.

Full-year total revenue rose year over year to 17.80 billion yuan from 17.33 billion yuan, and total operating expenses grew on an annual basis to 16.98 billion yuan from 16.51 billion yuan.

The company said reported net income declined 13.1% on an annual basis to 574.8 million yuan, or 89 fen per share, in the full year, from 661.2 million yuan, or 1.10 yuan per share.

As of March 17, US$1 was equivalent to 6.91 yuan.