Ningbo Gaofa Automotive Control System Co. Ltd. said its fourth-quarter normalized net income came to 13 fen per share, an increase of 7.9% from 12 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 18.6 million yuan, an increase of 48.8% from 12.5 million yuan in the prior-year period.
The normalized profit margin increased to 11.4% from 8.1% in the year-earlier period.
Total revenue grew 11.3% on an annual basis to 171.2 million yuan from 153.7 million yuan, and total operating expenses climbed 8.9% from the prior-year period to 142.9 million yuan from 131.3 million yuan.
Reported net income decreased from the prior-year period to 30.1 million yuan, or 21 fen per share, from 31.2 million yuan, or 30 fen per share.
For the year, the company's normalized net income totaled 59 fen per share, a fall of 11.2% from 66 fen per share in the prior year.
Normalized net income was 79.8 million yuan, a rise of 16.6% from 68.4 million yuan in the prior year.
Full-year total revenue grew 15.4% year over year to 668.4 million yuan from 579.4 million yuan, and total operating expenses increased 17.5% on an annual basis to 547.4 million yuan from 466.0 million yuan.
The company said reported net income rose 17.2% year over year to 112.4 million yuan, or 83 fen per share, in the full year, from 95.9 million yuan, or 93 fen per share.
As of March 30, US$1 was equivalent to 6.47 yuan.