Jiangxi Huangshanghuang Group Food Co. Ltd. said its normalized net income for the fourth quarter was 1.1 million yuan, a decrease of 89.8% from 10.4 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 declined to negative 0.4% from 5.0% in the year-earlier period.

Total revenue rose 14.3% year over year to 236.3 million yuan from 206.7 million yuan, and total operating expenses grew 20.6% from the prior-year period to 238.9 million yuan from 198.2 million yuan.

Reported net income declined 92.0% from the prior-year period to 1.1 million yuan, or 0 fen per share, from 13.7 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 9 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 15 fen.

EPS declined 37.8% from 15 fen in the prior year.

Normalized net income was 48.2 million yuan, a fall of 36.0% from 75.3 million yuan in the prior year.

Full-year total revenue grew 17.0% from the prior-year period to 1.15 billion yuan from 984.0 million yuan, and total operating expenses increased 21.7% year over year to 1.08 billion yuan from 889.5 million yuan.

The company said reported net income decreased 38.3% on an annual basis to 60.9 million yuan, or 12 fen per share, in the full year, from 98.6 million yuan, or 20 fen per share.

As of March 10, US$1 was equivalent to 6.51 yuan.