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Yunnan Xiyi Industry swings to loss in Q4

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Yunnan Xiyi Industry swings to loss in Q4

Yunnan Xiyi Industry Co. Ltd. said its normalized net income for the fourth quarter amounted to a loss of 5 fen per share, compared with 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 a loss of 10.7 million yuan, compared with income of 5.8 million yuan in the prior-year period.

The normalized profit margin dropped to negative 14.7% from 4.8% in the year-earlier period.

Total revenue declined 17.6% year over year to 99.3 million yuan from 120.5 million yuan, and total operating expenses grew 8.1% year over year to 117.2 million yuan from 108.4 million yuan.

Reported net income totaled a loss of 15.6 million yuan, or a loss of 8 fen per share, compared to income of 7.0 million yuan, or 5 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 8 fen per share, compared with 2 fen per share in the prior year.

Normalized net income was a loss of 23.8 million yuan, compared with income of 6.5 million yuan in the prior year.

Full-year total revenue decreased year over year to 459.8 million yuan from 467.8 million yuan, and total operating expenses rose 9.6% on an annual basis to 496.5 million yuan from 453.0 million yuan.

The company said reported net income came to a loss of 31.2 million yuan, or a loss of 11 fen per share, in the full year, compared with income of 8.3 million yuan, or 3 fen per share, the prior year.

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