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Orient International Enterprise swings to profit in Q4

Orient International Enterprise Ltd. said its fourth-quarter normalized net income amounted to 7 fen per share, compared with a loss of 2 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 35.0 million yuan, compared with a loss of 9.7 million yuan in the prior-year period.

The normalized profit margin climbed to 0.8% from negative 0.2% in the year-earlier period.

Total revenue increased year over year to 4.28 billion yuan from 4.15 billion yuan, and total operating expenses rose on an annual basis to 4.28 billion yuan from 4.15 billion yuan.

Reported net income increased on an annual basis to 44.6 million yuan, or 9 fen per share, from 42.6 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 24 fen per share, a gain of 42.2% from 17 fen per share in the prior year.

Normalized net income was 121.6 million yuan, a gain of 38.7% from 87.7 million yuan in the prior year.

Full-year total revenue rose 8.5% from the prior-year period to 15.38 billion yuan from 14.17 billion yuan, and total operating expenses grew 8.2% on an annual basis to 15.33 billion yuan from 14.16 billion yuan.

The company said reported net income increased on an annual basis to 148.9 million yuan, or 29 fen per share, in the full year, from 147.4 million yuan, or 28 fen per share.

As of March 24, US$1 was equivalent to 6.89 yuan.