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Wangfujing Group Q4 profit climbs YOY

Wangfujing Group Co. Ltd. said its fourth-quarter normalized net income amounted to 25 fen per share, a gain from 24 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 150.2 million yuan, an increase from 147.1 million yuan in the prior-year period.

The normalized profit margin increased to 3.5% from 3.1% in the year-earlier period.

Total revenue declined 7.4% on an annual basis to 4.37 billion yuan from 4.72 billion yuan, and total operating expenses fell 6.3% from the prior-year period to 4.21 billion yuan from 4.49 billion yuan.

Reported net income fell 61.1% on an annual basis to 58.1 million yuan, or 10 fen per share, from 149.2 million yuan, or 24 fen per share.

For the year, the company's normalized net income totaled 1.10 yuan per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.21 yuan.

EPS rose 12.8% from 98 fen in the prior year.

Normalized net income was 661.5 million yuan, a gain of 12.4% from 588.6 million yuan in the prior year.

Full-year total revenue fell 5.2% on an annual basis to 17.33 billion yuan from 18.28 billion yuan, and total operating expenses fell on an annual basis to 16.51 billion yuan from 17.36 billion yuan.

The company said reported net income increased year over year to 661.2 million yuan, or 1.10 yuan per share, in the full year, from 636.1 million yuan, or 1.05 yuan per share.

As of March 25, US$1 was equivalent to 6.51 yuan.