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Fiyta Holdings swings to loss in Q4

Fiyta Holdings Ltd. said its fourth-quarter normalized net income came to a loss of 6.8 million yuan, compared with income of 2.8 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 dropped to negative 1.4% from 0.4% in the year-earlier period.

Total revenue declined 11.7% year over year to 694.3 million yuan from 786.7 million yuan, and total operating expenses declined 9.4% on an annual basis to 683.5 million yuan from 754.2 million yuan.

Reported net income fell 18.6% from the prior-year period to 15.1 million yuan, or 4 fen per share, from 18.5 million yuan, or 5 fen per share.

For the year, the company's normalized net income totaled 20 fen per share, a decrease of 21.5% from 25 fen per share in the prior year.

Normalized net income was 77.5 million yuan, a decrease of 21.5% from 98.8 million yuan in the prior year.

Full-year total revenue declined year over year to 3.16 billion yuan from 3.28 billion yuan, and total operating expenses decreased year over year to 2.94 billion yuan from 3.01 billion yuan.

The company said reported net income decreased 16.4% on an annual basis to 121.7 million yuan, or 31 fen per share, in the full year, from 145.6 million yuan, or 37 fen per share.

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