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Tongwei Q4 profit falls YOY

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Tongwei Q4 profit falls YOY

Tongwei Co. Ltd. said its normalized net income for the fourth quarter was 2 fen per share, a decline of 48.9% from 3 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 60.0 million yuan, a decline of 36.8% from 95.0 million yuan in the year-earlier period.

The normalized profit margin declined to 1.2% from 2.1% in the year-earlier period.

Total revenue rose 16.8% on an annual basis to 5.19 billion yuan from 4.44 billion yuan, and total operating expenses grew 20.1% on an annual basis to 5.09 billion yuan from 4.23 billion yuan.

Reported net income fell 23.7% on an annual basis to 123.1 million yuan, or 4 fen per share, from 161.4 million yuan, or 6 fen per share.

For the year, the company's normalized net income totaled 23 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 29 fen.

EPS rose 23.4% from 19 fen in the prior year.

Normalized net income was 730.6 million yuan, a rise of 43.9% from 507.6 million yuan in the prior year.

Full-year total revenue rose 11.2% on an annual basis to 20.88 billion yuan from 18.77 billion yuan, and total operating expenses grew 10.8% on an annual basis to 19.61 billion yuan from 17.70 billion yuan.

The company said reported net income rose 39.1% year over year to 1.02 billion yuan, or 32 fen per share, in the full year, from 736.8 million yuan, or 27 fen per share.

As of April 14, US$1 was equivalent to 6.88 yuan.