Zhejiang Yueling Co. Ltd. said its fourth-quarter normalized net income was 4 fen per share, a decrease of 15.0% from 4 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 5.6 million yuan, a decrease of 22.9% from 7.3 million yuan in the prior-year period.

The normalized profit margin declined to 3.3% from 3.3% in the year-earlier period.

Total revenue fell 32.6% year over year to 147.2 million yuan from 218.4 million yuan, and total operating expenses decreased 30.6% on an annual basis to 140.8 million yuan from 202.9 million yuan.

Reported net income decreased 43.7% from the prior-year period to 8.9 million yuan, or 6 fen per share, from 15.9 million yuan, or 9 fen per share.

For the year, the company's normalized net income totaled 24 fen per share, a decline of 41.7% from 42 fen per share in the prior year.

Normalized net income was 38.5 million yuan, a fall of 41.8% from 66.2 million yuan in the prior year.

Full-year total revenue fell 22.6% on an annual basis to 644.1 million yuan from 832.6 million yuan, and total operating expenses decreased 18.1% on an annual basis to 599.3 million yuan from 731.9 million yuan.

The company said reported net income decreased 40.8% on an annual basis to 55.6 million yuan, or 35 fen per share, in the full year, from 93.9 million yuan, or 59 fen per share.

As of March 28, US$1 was equivalent to 6.48 yuan.