Zhejiang Golden Eagle Co. Ltd. said its fourth-quarter normalized net income amounted to 2.8 million yuan, a decline of 29.8% from 4.0 million 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 declined to 0.8% from 1.1% in the year-earlier period.

Total revenue decreased 16.8% year over year to 299.0 million yuan from 359.4 million yuan, and total operating expenses fell 14.6% from the prior-year period to 295.1 million yuan from 345.4 million yuan.

Reported net income fell 44.5% year over year to 5.2 million yuan, or 1 fen per share, from 9.3 million yuan, or 2 fen per share.

For the year, the company's normalized net income totaled 7 fen per share, an increase of 21.5% from 6 fen per share in the prior year.

Normalized net income was 26.9 million yuan, an increase of 23.4% from 21.8 million yuan in the prior year.

Full-year total revenue declined 5.2% on an annual basis to 1.11 billion yuan from 1.18 billion yuan, and total operating expenses decreased year over year to 1.07 billion yuan from 1.12 billion yuan.

The company said reported net income rose 16.1% year over year to 29.8 million yuan, or 8 fen per share, in the full year, from 25.7 million yuan, or 7 fen per share.

As of April 11, US$1 was equivalent to 6.46 yuan.