Tsann Kuen (China) Enterprise Co. Ltd. said its normalized net income for the fourth quarter was 3 fen per share, a decline of 8.0% from 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 4.4 million yuan, a decrease of 10.9% from 5.0 million yuan in the year-earlier period.

The normalized profit margin fell to 0.4% from 0.9% in the year-earlier period.

Total revenue decreased 13.8% on an annual basis to 494.4 million yuan from 573.6 million yuan, and total operating expenses fell 9.6% on an annual basis to 505.6 million yuan from 559.2 million yuan.

Reported net income decreased 30.8% from the prior-year period to 8.7 million yuan, or 5 fen per share, from 12.6 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 13 fen per share, a fall of 43.9% from 23 fen per share in the prior year.

Normalized net income was 24.0 million yuan, a decline of 43.7% from 42.6 million yuan in the prior year.

Full-year total revenue fell on an annual basis to 1.97 billion yuan from 2.01 billion yuan, and total operating expenses totaled 1.97 billion yuan, compared with 1.96 billion yuan in the year-earlier period.

The company said reported net income fell 28.4% year over year to 36.8 million yuan, or 20 fen per share, in the full year, from 51.3 million yuan, or 28 fen per share.

As of March 14, US$1 was equivalent to 6.50 yuan.