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Bros Eastern swings to profit in Q4

Bros Eastern Co.Ltd said its normalized net income for the fourth quarter came to 10.0 million yuan, compared with a loss of 3.6 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 increased to 4.2% from negative 0.3% in the year-earlier period.

Total revenue climbed 10.7% on an annual basis to 1.20 billion yuan from 1.09 billion yuan, and total operating expenses rose 11.9% year over year to 1.21 billion yuan from 1.08 billion yuan.

Reported net income declined 34.7% on an annual basis to 48.9 million yuan, or 4 fen per share, from 74.8 million yuan, or 5 fen per share.

For the year, the company's normalized net income totaled 14 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 33 fen.

EPS declined 36.0% from 21 fen in the prior year.

Normalized net income was 199.1 million yuan, a fall of 36.3% from 312.6 million yuan in the prior year.

Full-year total revenue increased 8.6% year over year to 5.02 billion yuan from 4.62 billion yuan, and total operating expenses rose 10.9% on an annual basis to 4.64 billion yuan from 4.19 billion yuan.

The company said reported net income declined 31.6% year over year to 324.0 million yuan, or 22 fen per share, in the full year, from 473.5 million yuan, or 32 fen per share.

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