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Emei Shan Tourism swings to loss in Q4

Emei Shan Tourism Co. Ltd. said its fourth-quarter normalized net income came to a loss of 446,860 yuan, compared with income of 37.0 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 dropped to negative 0.5% from 16.7% in the year-earlier period.

Total revenue climbed year over year to 226.1 million yuan from 221.5 million yuan, and total operating expenses rose 44.0% from the prior-year period to 232.2 million yuan from 161.3 million yuan.

Reported net income increased 13.4% on an annual basis to 54.7 million yuan, or 10 fen per share, from 48.2 million yuan, or 9 fen per share.

For the year, the company's normalized net income totaled 22 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 39 fen.

EPS declined 19.2% from 27 fen in the prior year.

Normalized net income was 114.7 million yuan, a decrease of 19.2% from 141.9 million yuan in the prior year.

Full-year total revenue rose 7.2% on an annual basis to 1.07 billion yuan from 993.7 million yuan, and total operating expenses increased 15.9% on an annual basis to 882.5 million yuan from 761.3 million yuan.

The company said reported net income increased on an annual basis to 196.2 million yuan, or 37 fen per share, in the full year, from 189.5 million yuan, or 36 fen per share.

As of March 28, US$1 was equivalent to 6.48 yuan.