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Harbin VITI Q4 profit climbs YOY

Harbin VITI Electronics Co. Ltd. said its fourth-quarter normalized net income amounted to 8 fen per share, a gain from 4 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 26.2 million yuan, a gain from 12.9 million yuan in the prior-year period.

The normalized profit margin climbed to 26.6% from 17.0% in the year-earlier period.

Total revenue climbed 29.7% on an annual basis to 98.8 million yuan from 76.2 million yuan, and total operating expenses climbed 7.1% year over year to 57.9 million yuan from 54.1 million yuan.

Reported net income increased 25.3% year over year to 35.5 million yuan, or 10 fen per share, from 28.3 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 14 fen per share, a decline of 15.5% from 16 fen per share in the prior year.

Normalized net income was 49.4 million yuan, a decrease of 15.8% from 58.6 million yuan in the prior year.

Full-year total revenue fell 5.7% from the prior-year period to 199.3 million yuan from 211.3 million yuan, and total operating expenses fell 10.3% year over year to 126.0 million yuan from 140.6 million yuan.

The company said reported net income declined 24.3% on an annual basis to 68.6 million yuan, or 19 fen per share, in the full year, from 90.7 million yuan, or 25 fen per share.

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