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Sichuan Tuopai Shede Spirits Q4 profit falls YOY

Sichuan Tuopai Shede Spirits Co. Ltd. said its fourth-quarter normalized net income was 1 fen per share, a decline of 63.3% from 4 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 4.6 million yuan, a decline of 63.1% from 12.5 million yuan in the prior-year period.

The normalized profit margin declined to 0.6% from 3.0% in the year-earlier period.

Total revenue declined 18.3% on an annual basis to 340.2 million yuan from 416.3 million yuan, and total operating expenses declined 16.0% on an annual basis to 329.5 million yuan from 392.5 million yuan.

Reported net income decreased 56.6% year over year to 3.2 million yuan, or 1 fen per share, from 7.3 million yuan, or 2 fen per share.

For the year, the company's normalized net income totaled 5 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12 fen.

EPS declined 15.6% from 6 fen in the prior year.

Normalized net income was 17.0 million yuan, a fall of 15.5% from 20.1 million yuan in the prior year.

Full-year total revenue fell 20.0% year over year to 1.16 billion yuan from 1.44 billion yuan, and total operating expenses declined 20.8% on an annual basis to 1.11 billion yuan from 1.40 billion yuan.

The company said reported net income fell 46.8% on an annual basis to 7.1 million yuan, or 2 fen per share, in the full year, from 13.4 million yuan, or 4 fen per share.

As of April 11, US$1 was equivalent to 6.46 yuan.