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Yifeng Pharmacy Chain Q4 profit climbs 22.0% YOY

Yifeng Pharmacy Chain Co. Ltd. said its normalized net income for the fourth quarter came to 12 fen per share, a decline of 8.5% from 13 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 38.7 million yuan, a gain of 22.0% from 31.8 million yuan in the prior-year period.

The normalized profit margin dropped to 4.1% from 5.0% in the year-earlier period.

Total revenue grew 36.2% on an annual basis to 867.0 million yuan from 636.5 million yuan, and total operating expenses increased 39.8% on an annual basis to 809.5 million yuan from 579.2 million yuan.

Reported net income grew 15.2% from the prior-year period to 50.7 million yuan, or 16 fen per share, from 44.0 million yuan, or 18 fen per share.

For the year, the company's normalized net income totaled 47 fen per share, a decrease from 47 fen per share in the prior year.

Normalized net income was 143.2 million yuan, an increase of 26.0% from 113.7 million yuan in the prior year.

Full-year total revenue increased 27.6% year over year to 2.85 billion yuan from 2.23 billion yuan, and total operating expenses increased 28.7% year over year to 2.63 billion yuan from 2.05 billion yuan.

The company said reported net income increased 25.2% on an annual basis to 175.9 million yuan, or 57 fen per share, in the full year, from 140.6 million yuan, or 59 fen per share.

As of March 7, US$1 was equivalent to 6.52 yuan.