Guangzhou Zhujiang Brewery Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 3.9 million yuan, compared with a loss of 20.5 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 fell to negative 4.5% from negative 3.1% in the year-earlier period.

Total revenue decreased year over year to 644.0 million yuan from 671.2 million yuan, and total operating expenses decreased 6.2% on an annual basis to 654.9 million yuan from 698.1 million yuan.

Reported net income rose from the prior-year period to 8.6 million yuan, or 1 fen per share, from 389,700 yuan, or 0 fen per share.

For the year, the company's normalized net income totaled 4 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 10 fen.

EPS declined 23.8% from 5 fen in the prior year.

Normalized net income was 24.5 million yuan, a decrease of 21.3% from 31.1 million yuan in the prior year.

Full-year total revenue amounted to 3.52 billion yuan, compared with 3.52 billion yuan in the prior year, and total operating expenses came to 3.47 billion yuan, compared with 3.46 billion yuan in the prior-year period.

The company said reported net income rose 37.7% on an annual basis to 83.2 million yuan, or 12 fen per share, in the full year, from 60.4 million yuan, or 9 fen per share.

As of March 30, US$1 was equivalent to 6.47 yuan.