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Beijing Hualian Department Store Q4 profit climbs YOY

Beijing Hualian Department Store Co. Ltd said its normalized net income for the fourth quarter came to 3 fen per share, an increase from 1 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 74.1 million yuan, a gain from 28.4 million yuan in the year-earlier period.

The normalized profit margin climbed to 41.4% from 5.9% in the year-earlier period.

Total revenue decreased 60.4% year over year to 191.7 million yuan from 484.3 million yuan, and total operating expenses increased 12.0% from the prior-year period to 425.7 million yuan from 380.2 million yuan.

Reported net income came to a loss of 12.6 million yuan, or a loss of 1 fen per share, compared to income of 25.8 million yuan, or 1 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 17 fen per share, an increase from 3 fen per share in the prior year.

Normalized net income was 383.1 million yuan, an increase from 63.3 million yuan in the prior year.

Full-year total revenue fell 20.5% on an annual basis to 1.19 billion yuan from 1.50 billion yuan, and total operating expenses increased 17.7% on an annual basis to 1.41 billion yuan from 1.20 billion yuan.

The company said reported net income increased on an annual basis to 220.9 million yuan, or 10 fen per share, in the full year, from 74.3 million yuan, or 3 fen per share.

As of April 8, US$1 was equivalent to 6.47 yuan.