Jiangsu Jinling Sports Equipment Co. Ltd. said its fourth-quarter normalized net income was 18 fen per share, a decline of 54.9% from 39 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.3 million yuan, a decrease of 8.1% from 19.9 million yuan in the prior-year period.

The normalized profit margin declined to 13.3% from 15.6% in the year-earlier period.

Total revenue rose 7.9% on an annual basis to 137.3 million yuan from 127.3 million yuan, and total operating expenses climbed 11.0% from the prior-year period to 105.3 million yuan from 94.9 million yuan.

Reported net income totaled 23.5 million yuan, or 23 fen per share, compared to 23.3 million yuan, or 46 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 48 fen per share, a decline of 19.0% from 60 fen per share in the prior year.

Normalized net income was 33.6 million yuan, a fall from 33.9 million yuan in the prior year.

Full-year total revenue rose on an annual basis to 335.7 million yuan from 329.8 million yuan, and total operating expenses increased on an annual basis to 278.3 million yuan from 274.7 million yuan.

The company said reported net income fell 5.3% year over year to 43.9 million yuan, or 63 fen per share, in the full year, from 46.3 million yuan, or 82 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.