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Zhongbai Holdings swings to loss in Q4

Zhongbai Holdings Group Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 5 fen per share, compared with 7 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 a loss of 32.0 million yuan, compared with income of 55.3 million yuan in the prior-year period.

The normalized profit margin dropped to negative 0.9% from 1.4% in the year-earlier period.

Total revenue declined 7.0% on an annual basis to 3.73 billion yuan from 4.01 billion yuan, and total operating expenses fell year over year to 3.79 billion yuan from 3.96 billion yuan.

Reported net income grew year over year to 181.3 million yuan, or 26 fen per share, from 63.6 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled a loss of 19 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1 fen.

EPS was 6 fen in the prior year.

Normalized net income was a loss of 129.6 million yuan, compared with income of 41.8 million yuan in the prior year.

Full-year total revenue decreased 6.3% year over year to 15.37 billion yuan from 16.40 billion yuan, and total operating expenses fell year over year to 15.55 billion yuan from 16.32 billion yuan.

The company said reported net income increased 15.2% on an annual basis to 6.5 million yuan, or 1 fen per share, in the full year, from 5.6 million yuan, or 1 fen per share.

As of March 30, US$1 was equivalent to 6.89 yuan.