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Zhejiang Wanfeng Auto Wheel Q4 profit climbs 56.3% YOY

Zhejiang Wanfeng Auto Wheel Co., Ltd. said its fourth-quarter normalized net income was 13 fen per share, an increase of 54.7% from 9 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 272.9 million yuan, an increase of 56.3% from 174.6 million yuan in the year-earlier period.

The normalized profit margin rose to 7.0% from 4.2% in the year-earlier period.

Total revenue grew year over year to 4.35 billion yuan from 4.20 billion yuan, and total operating expenses came to 3.79 billion yuan, compared with 3.78 billion yuan in the year-earlier period.

Reported net income rose 61.0% from the prior-year period to 385.7 million yuan, or 19 fen per share, from 239.5 million yuan, or 12 fen per share.

For the year, the company's normalized net income totaled 28 fen per share, an increase of 39.5% from 20 fen per share in the prior year.

Normalized net income was 568.7 million yuan, an increase of 39.0% from 409.2 million yuan in the prior year.

Full-year total revenue rose from the prior-year period to 8.48 billion yuan from 8.18 billion yuan, and total operating expenses increased year over year to 7.35 billion yuan from 7.27 billion yuan.

The company said reported net income increased 47.1% on an annual basis to 797.6 million yuan, or 39 fen per share, in the full year, from 542.2 million yuan, or 26 fen per share.

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