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Zhejiang Furun swings to profit in Q4

Zhejiang Furun CO.LTD said its normalized net income for the fourth quarter amounted to 1 fen per share, compared with a loss of 14 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 3.8 million yuan, compared with a loss of 55.0 million yuan in the year-earlier period.

The normalized profit margin climbed to 2.9% from negative 22.5% in the year-earlier period.

Total revenue fell 13.8% year over year to 211.1 million yuan from 244.9 million yuan, and total operating expenses declined 33.2% from the prior-year period to 209.9 million yuan from 314.0 million yuan.

Reported net income came to 23.4 million yuan, or 7 fen per share, compared to a loss of 79.6 million yuan, or a loss of 21 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 7 fen per share, compared with a loss of 13 fen per share in the prior year.

Normalized net income was 26.5 million yuan, compared with a loss of 46.7 million yuan in the prior year.

Full-year total revenue decreased 16.5% from the prior-year period to 804.6 million yuan from 963.9 million yuan, and total operating expenses declined 22.2% year over year to 779.1 million yuan from 1.00 billion yuan.

The company said reported net income came to 23.9 million yuan, or 7 fen per share, in the full year, compared with a loss of 65.6 million yuan, or a loss of 18 fen per share, the prior year.

As of Feb. 29, US$1 was equivalent to 6.56 yuan.