Zhejiang Giuseppe Garment Co. Ltd. said its normalized net income for the fourth quarter came to 1 fen per share, a decline of 29.0% from 2 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 4.3 million yuan, a decrease of 32.7% from 6.4 million yuan in the year-earlier period.

The normalized profit margin dropped to 1.5% from 2.8% in the year-earlier period.

Total revenue came to 224.5 million yuan, compared with 223.9 million yuan in the prior-year period, and total operating expenses came to 214.7 million yuan, compared with 213.5 million yuan in the prior-year period.

Reported net income decreased 35.1% on an annual basis to 20.7 million yuan, or 6 fen per share, from 31.8 million yuan, or 9 fen per share.

For the year, the company's normalized net income totaled 13 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 29 fen.

EPS declined 15.7% from 16 fen in the prior year.

Normalized net income was 48.1 million yuan, a fall of 14.5% from 56.3 million yuan in the prior year.

Full-year total revenue increased on an annual basis to 671.5 million yuan from 658.5 million yuan, and total operating expenses rose year over year to 592.2 million yuan from 573.1 million yuan.

The company said reported net income decreased 25.0% on an annual basis to 61.3 million yuan, or 17 fen per share, in the full year, from 81.7 million yuan, or 23 fen per share.

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