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Songcheng Performance Development Q4 profit climbs YOY

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Songcheng Performance Development Q4 profit climbs YOY

Songcheng Performance Development Co. Ltd. said its fourth-quarter normalized net income was 6 fen per share, compared with the S&P Capital IQ consensus estimate of 5 fen per share.

EPS climbed year over year from 2 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 74.9 million yuan, a gain from 27.3 million yuan in the year-earlier period.

The normalized profit margin fell to 11.9% from 12.5% in the year-earlier period.

Total revenue increased year over year to 507.7 million yuan from 218.0 million yuan, and total operating expenses climbed year over year to 380.2 million yuan from 159.5 million yuan.

Reported net income rose year over year to 91.4 million yuan, or 7 fen per share, from 44.8 million yuan, or 3 fen per share.

For the year, the company's normalized net income totaled 36 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 42 fen.

EPS rose 64.6% from 22 fen in the prior year.

Normalized net income was 502.5 million yuan, a rise of 72.4% from 291.5 million yuan in the prior year.

Full-year total revenue grew 81.2% on an annual basis to 1.69 billion yuan from 935.1 million yuan, and total operating expenses grew 80.5% year over year to 870.4 million yuan from 482.1 million yuan.

The company said reported net income grew 74.6% year over year to 630.6 million yuan, or 45 fen per share, in the full year, from 361.2 million yuan, or 27 fen per share.

As of Feb. 26, US$1 was equivalent to 6.54 yuan.