Tibet Tourism Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 546,910 yuan, compared with a loss of 23.8 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 negative 9.5% from negative 141.9% in the year-earlier period.

Total revenue climbed 66.9% on an annual basis to 27.9 million yuan from 16.7 million yuan, and total operating expenses decreased 6.4% from the prior-year period to 45.6 million yuan from 48.7 million yuan.

Reported net income came to 38.1 million yuan, or 20 fen per share, compared to a loss of 34.9 million yuan, or a loss of 18 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 13 fen per share, compared with a loss of 11 fen per share in the prior year.

Normalized net income was a loss of 24.8 million yuan, compared with a loss of 20.4 million yuan in the prior year.

Full-year total revenue declined year over year to 152.0 million yuan from 160.0 million yuan, and total operating expenses grew 7.9% on an annual basis to 193.8 million yuan from 179.5 million yuan.

The company said reported net income totaled 5.4 million yuan, or 3 fen per share, in the full year, compared with a loss of 33.5 million yuan, or a loss of 18 fen per share, the prior year.

As of Feb. 2, US$1 was equivalent to 6.58 yuan.