Shandong Oriental Ocean Sci-Tech Co. Ltd. said its normalized net income for the fourth quarter amounted to 3.2 million yuan, a decrease of 59.6% from 7.9 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.7% from 4.0% in the year-earlier period.

Total revenue decreased year over year to 192.9 million yuan from 200.3 million yuan, and total operating expenses decreased 13.8% on an annual basis to 179.2 million yuan from 208.0 million yuan.

Reported net income declined 32.4% from the prior-year period to 12.8 million yuan, or 2 fen per share, from 18.9 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 10 fen per share, a gain of 31.4% from 7 fen per share in the prior year.

Normalized net income was 65.4 million yuan, a rise of 31.4% from 49.8 million yuan in the prior year.

Full-year total revenue grew 10.3% on an annual basis to 779.4 million yuan from 706.7 million yuan, and total operating expenses grew 8.6% year over year to 687.6 million yuan from 633.3 million yuan.

The company said reported net income rose 61.9% year over year to 124.1 million yuan, or 18 fen per share, in the full year, from 76.6 million yuan, or 11 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.