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ZMFY Automobile Glass Q4 loss widens 31.5% YOY

ZMFY Automobile Glass Services Ltd said its fourth-quarter normalized net income was a loss of 2 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 a loss of 13.3 million yuan, compared with a loss of 10.2 million yuan in the prior-year period.

The normalized profit margin rose to negative 24.7% from negative 29.9% in the year-earlier period.

Total revenue climbed 30.8% year over year to 44.5 million yuan from 34.0 million yuan, and total operating expenses increased 30.7% on an annual basis to 65.2 million yuan from 49.9 million yuan.

Reported net income totaled a loss of 63.2 million yuan, or a loss of 9 fen per share, compared to a loss of 16.5 million yuan, or a loss of 3 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 5 fen per share, compared with a loss of 1 fen per share in the prior year.

Normalized net income was a loss of 27.5 million yuan, compared with a loss of 7.0 million yuan in the prior year.

Full-year total revenue fell on an annual basis to 131.2 million yuan from 135.2 million yuan, and total operating expenses grew 20.7% on an annual basis to 175.5 million yuan from 145.4 million yuan.

The company said reported net income totaled a loss of 89.5 million yuan, or a loss of 15 fen per share, in the full year, compared with a loss of 12.6 million yuan, or a loss of 3 fen per share, the prior year.

As of March 29, US$1 was equivalent to 6.51 yuan.