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Shandong Zhonglu Oceanic Fisheries swings to loss in fiscal Q4

Shandong Zhonglu Oceanic Fisheries Company Ltd said its normalized net income for the fiscal fourth quarter ended Jan. 1 amounted to a loss of 3.4 million yuan, compared with income of 61,060 yuan in the fourth quarter ended Dec. 31, 2014.

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

The normalized profit margin fell to negative 1.4% from 0.0% in the year-earlier period.

Total revenue decreased 7.2% year over year to 178.6 million yuan from 192.4 million yuan, and total operating expenses declined 8.2% year over year to 190.4 million yuan from 207.3 million yuan.

Reported net income came to a loss of 6.2 million yuan, or a loss of 2 fen per share, compared to income of 5.5 million yuan, or 2 fen per share, in the fourth quarter ended Dec. 31, 2014.

For the year, the company's normalized net income totaled 3 fen per share, an increase of 27.1% from 3 fen per share in the prior year.

Normalized net income was 8.9 million yuan, an increase of 27.3% from 7.0 million yuan in the prior year.

Full-year total revenue rose 20.9% on an annual basis to 723.7 million yuan from 598.4 million yuan, and total operating expenses increased 20.8% year over year to 746.3 million yuan from 618.0 million yuan.

The company said reported net income declined 21.0% year over year to 12.1 million yuan, or 5 fen per share, in the full year, from 15.4 million yuan, or 6 fen per share.

As of March 4, US$1 was equivalent to 6.51 yuan.