Jiangsu Hongtu High Technology Co. Ltd. said its fourth-quarter normalized net income amounted to 4 fen per share, a decrease of 69.3% from 12 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 44.1 million yuan, a decline of 69.6% from 144.9 million yuan in the year-earlier period.

The normalized profit margin declined to 1.0% from 3.3% in the year-earlier period.

Total revenue rose 5.7% on an annual basis to 4.58 billion yuan from 4.33 billion yuan, and total operating expenses rose 8.0% year over year to 4.41 billion yuan from 4.08 billion yuan.

Reported net income declined 72.9% year over year to 52.2 million yuan, or 5 fen per share, from 192.5 million yuan, or 17 fen per share.

For the year, the company's normalized net income totaled 29 fen per share, an increase of 15.1% from 25 fen per share in the prior year.

Normalized net income was 338.7 million yuan, a rise of 15.7% from 292.7 million yuan in the prior year.

Full-year total revenue grew 7.1% from the prior-year period to 18.71 billion yuan from 17.47 billion yuan, and total operating expenses grew 7.8% year over year to 18.13 billion yuan from 16.81 billion yuan.

The company said reported net income grew 15.0% on an annual basis to 421.7 million yuan, or 37 fen per share, in the full year, from 366.8 million yuan, or 32 fen per share.

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