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Hefei Meiling swings to loss in Q4

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Hefei Meiling swings to loss in Q4

Changhong Meiling Co. Co. Ltd. said its normalized net income for the fourth quarter was a loss of 49.6 million yuan, compared with income of 2.0 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 6.0% from 0.1% in the year-earlier period.

Total revenue climbed year over year to 2.05 billion yuan from 1.98 billion yuan, and total operating expenses climbed 9.0% year over year to 2.17 billion yuan from 1.99 billion yuan.

Reported net income totaled a loss of 135.4 million yuan, or a loss of 18 fen per share, compared to income of 55.3 million yuan, or 7 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 11 fen per share, a decline of 57.2% from 26 fen per share in the prior year.

Normalized net income was 85.5 million yuan, a decline of 57.2% from 199.7 million yuan in the prior year.

Full-year total revenue decreased on an annual basis to 10.42 billion yuan from 10.76 billion yuan, and total operating expenses declined year over year to 10.40 billion yuan from 10.57 billion yuan.

The company said reported net income declined 91.0% on an annual basis to 26.5 million yuan, or 3 fen per share, in the full year, from 294.5 million yuan, or 39 fen per share.

As of March 24, US$1 was equivalent to 6.52 yuan.