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Fujian Dongbai swings to loss in Q4

Fujian Dongbai (Group) Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 6.3 million yuan, compared with income of 6.5 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 fell to negative 1.8% from 1.3% in the year-earlier period.

Total revenue declined 6.6% year over year to 471.7 million yuan from 504.8 million yuan, and total operating expenses declined 8.0% year over year to 483.3 million yuan from 525.6 million yuan.

Reported net income came to 7.0 million yuan, or 1 fen per share, compared to a loss of 25.1 million yuan, or a loss of 4 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 4 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 7 fen.

EPS declined 79.1% from 21 fen in the prior year.

Normalized net income was 36.9 million yuan, a decrease of 74.3% from 143.3 million yuan in the prior year.

Full-year total revenue decreased 6.9% on an annual basis to 1.63 billion yuan from 1.75 billion yuan, and total operating expenses fell 6.7% year over year to 1.61 billion yuan from 1.72 billion yuan.

The company said reported net income fell 66.2% on an annual basis to 49.4 million yuan, or 6 fen per share, in the full year, from 146.2 million yuan, or 21 fen per share.

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