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Joyoung Q4 profit falls YOY

Joyoung Co. Ltd. said its fourth-quarter normalized net income came to 4 fen per share, a decline of 40.2% from 6 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 29.7 million yuan, a decrease of 38.0% from 47.9 million yuan in the prior-year period.

The normalized profit margin dropped to 1.5% from 2.7% in the year-earlier period.

Total revenue climbed 15.6% year over year to 2.04 billion yuan from 1.77 billion yuan, and total operating expenses rose 13.0% year over year to 1.93 billion yuan from 1.70 billion yuan.

Reported net income rose 21.2% on an annual basis to 114.7 million yuan, or 15 fen per share, from 94.7 million yuan, or 13 fen per share.

For the year, the company's normalized net income totaled 53 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 78 fen.

EPS rose from 51 fen in the prior year.

Normalized net income was 408.9 million yuan, a gain from 390.9 million yuan in the prior year.

Full-year total revenue grew 18.8% year over year to 7.06 billion yuan from 5.94 billion yuan, and total operating expenses increased 20.5% year over year to 6.36 billion yuan from 5.28 billion yuan.

The company said reported net income grew 16.6% on an annual basis to 619.7 million yuan, or 81 fen per share, in the full year, from 531.7 million yuan, or 70 fen per share.

As of March 25, US$1 was equivalent to 6.51 yuan.