Jiangsu Hongdou Industrial Co. Ltd. said its normalized net income for the fourth quarter amounted to 2 fen per share, a decrease of 11.8% 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 33.5 million yuan, a gain of 28.3% from 26.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 3.4% from 1.9% in the year-earlier period.

Total revenue decreased 34.2% on an annual basis to 919.6 million yuan from 1.40 billion yuan, and total operating expenses fell 33.9% from the prior-year period to 870.4 million yuan from 1.32 billion yuan.

Reported net income fell 10.6% year over year to 37.9 million yuan, or 3 fen per share, from 42.4 million yuan, or 4 fen per share.

For the year, the company's normalized net income totaled 5 fen per share, an increase of 36.2% from 4 fen per share in the prior year.

Normalized net income was 73.2 million yuan, a gain of 53.4% from 47.7 million yuan in the prior year.

Full-year total revenue fell 6.7% year over year to 2.65 billion yuan from 2.84 billion yuan, and total operating expenses decreased 6.7% year over year to 2.49 billion yuan from 2.66 billion yuan.

The company said reported net income rose 31.4% on an annual basis to 86.1 million yuan, or 6 fen per share, in the full year, from 65.5 million yuan, or 5 fen per share.

As of Feb. 23, US$1 was equivalent to 6.53 yuan.