Beijing Jingxi Culture and Tourism Co. Ltd. said its fourth-quarter normalized net income was 1.9 million yuan, a fall of 96.2% from 48.8 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 dropped to 1.0% from 18.6% in the year-earlier period.

Total revenue decreased 37.5% on an annual basis to 163.6 million yuan from 261.8 million yuan, and total operating expenses declined 7.7% on an annual basis to 211.5 million yuan from 229.1 million yuan.

Reported net income fell 70.7% year over year to 17.6 million yuan, or 4 fen per share, from 60.1 million yuan, or 16 fen per share.

For the year, the company's normalized net income totaled 1.9 million yuan, a decline of 97.0% from 65.2 million yuan in the prior year.

Full-year total revenue fell 17.0% on an annual basis to 349.4 million yuan from 420.7 million yuan, and total operating expenses rose 6.0% on an annual basis to 399.3 million yuan from 376.5 million yuan.

The company said reported net income decreased 73.4% on an annual basis to 21.2 million yuan, or 5 fen per share, in the full year, from 79.8 million yuan, or 21 fen per share.

As of Feb. 4, US$1 was equivalent to 6.56 yuan.