Huafang Co. Ltd. said its fourth-quarter normalized net income was a loss of 4.1 million yuan, compared with a loss of 3.6 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 0.6% from negative 0.6% in the year-earlier period.

Total revenue fell 7.7% on an annual basis to 523.5 million yuan from 567.3 million yuan, and total operating expenses fell 5.7% on an annual basis to 524.6 million yuan from 556.0 million yuan.

Reported net income totaled a loss of 3.3 million yuan, or a loss of 1 fen per share, compared to income of 2.4 million yuan, or 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 2 fen per share, a decline of 36.5% from 3 fen per share in the prior year.

Normalized net income was 7.0 million yuan, a decrease of 34.5% from 10.8 million yuan in the prior year.

Full-year total revenue rose year over year to 2.27 billion yuan from 2.25 billion yuan, and total operating expenses grew year over year to 2.24 billion yuan from 2.19 billion yuan.

The company said reported net income declined 48.5% year over year to 12.5 million yuan, or 3 fen per share, in the full year, from 24.3 million yuan, or 6 fen per share.

As of April 11, US$1 was equivalent to 6.46 yuan.