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Echom swings to profit in Q4

Guangzhou Echom Sci.&Tech.Co.Ltd said its normalized net income for the fourth quarter amounted to 13.1 million yuan, compared with a loss of 1.5 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.7% from negative 0.1% in the year-earlier period.

Total revenue grew 54.7% on an annual basis to 1.94 billion yuan from 1.25 billion yuan, and total operating expenses increased 55.5% year over year to 1.91 billion yuan from 1.23 billion yuan.

Reported net income rose year over year to 66.1 million yuan, or 20 fen per share, from 28.3 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled a loss of 3 fen per share, compared with 3 fen per share in the prior year.

Normalized net income was a loss of 11.7 million yuan, compared with income of 10.2 million yuan in the prior year.

Full-year total revenue rose 54.8% from the prior-year period to 5.75 billion yuan from 3.72 billion yuan, and total operating expenses grew 56.5% on an annual basis to 5.74 billion yuan from 3.67 billion yuan.

The company said reported net income declined 59.3% on an annual basis to 19.2 million yuan, or 5 fen per share, in the full year, from 47.2 million yuan, or 12 fen per share.

As of April 21, US$1 was equivalent to 6.88 yuan.