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Shenzhen MTC swings to loss in Q4

Shenzhen MTC Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 2 fen per share, compared with 3 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 76.0 million yuan, compared with income of 107.6 million yuan in the prior-year period.

The normalized profit margin dropped to negative 4.6% from 6.5% in the year-earlier period.

Total revenue declined year over year to 1.64 billion yuan from 1.66 billion yuan, and total operating expenses climbed 7.0% on an annual basis to 1.66 billion yuan from 1.55 billion yuan.

Reported net income totaled a loss of 86.5 million yuan, or a loss of 2 fen per share, compared to income of 162.6 million yuan, or 4 fen per share, in the year-earlier period.

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 declined 52.0% from 13 fen in the prior year.

Normalized net income was 247.9 million yuan, a decline of 52.4% from 520.5 million yuan in the prior year.

Full-year total revenue declined 14.2% from the prior-year period to 6.10 billion yuan from 7.11 billion yuan, and total operating expenses declined 11.3% year over year to 5.74 billion yuan from 6.47 billion yuan.

The company said reported net income decreased 48.1% year over year to 345.7 million yuan, or 9 fen per share, in the full year, from 665.7 million yuan, or 17 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.