Guangzhou Zhujiang Brewery Co. Ltd. said its fourth-quarter normalized net income came to a loss of 2 fen per share, compared with a loss of 4 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 a loss of 10.7 million yuan, compared with a loss of 28.8 million yuan in the year-earlier period.

The normalized profit margin rose to negative 1.7% from negative 4.5% in the year-earlier period.

Total revenue decreased on an annual basis to 632.2 million yuan from 644.0 million yuan, and total operating expenses fell year over year to 648.0 million yuan from 654.9 million yuan.

Reported net income declined 39.0% on an annual basis to 5.2 million yuan, or 1 fen per share, from 8.6 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 6 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 16 fen.

EPS rose 72.7% from 4 fen in the prior year.

Normalized net income was 40.9 million yuan, an increase of 67.0% from 24.5 million yuan in the prior year.

Full-year total revenue totaled 3.54 billion yuan, compared with 3.52 billion yuan in the prior year, and total operating expenses totaled 3.47 billion yuan, compared with 3.47 billion yuan in the prior-year period.

The company said reported net income grew 37.0% year over year to 113.9 million yuan, or 17 fen per share, in the full year, from 83.2 million yuan, or 12 fen per share.

As of March 31, US$1 was equivalent to 6.89 yuan.