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Zhejiang Yonglong Enterprises swings to loss in Q4

Zhejiang Yongan Rongtong Holdings Co. Ltd. said its normalized net income for the fourth quarter was a loss of 4.7 million yuan, compared with income of 128,130 yuan in the year-earlier period.

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

The normalized profit margin fell to negative 8.8% from 0.3% in the year-earlier period.

Total revenue grew 27.2% on an annual basis to 53.7 million yuan from 42.2 million yuan, and total operating expenses increased 36.4% from the prior-year period to 54.6 million yuan from 40.0 million yuan.

Reported net income totaled a loss of 11.8 million yuan, or a loss of 1 fen per share, compared to a loss of 1.8 million yuan, or a loss of 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 9.3 million yuan, compared with a loss of -3.3 million yuan in the prior year.

Full-year total revenue grew from the prior-year period to 192.0 million yuan from 188.6 million yuan, and total operating expenses rose on an annual basis to 182.5 million yuan from 176.1 million yuan.

The company said reported net income totaled a loss of 17.2 million yuan, or a loss of 2 fen per share, in the full year, compared with a loss of 7.3 million yuan, or a loss of 1 fen per share, the prior year.

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