Guangdong Vanward New Electric Co. Ltd. said its fourth-quarter normalized net income was 20 fen per share, an increase from 8 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 90.6 million yuan, an increase from 35.4 million yuan in the prior-year period.

The normalized profit margin climbed to 6.0% from 3.2% in the year-earlier period.

Total revenue increased 35.2% on an annual basis to 1.50 billion yuan from 1.11 billion yuan, and total operating expenses climbed 28.9% from the prior-year period to 1.37 billion yuan from 1.07 billion yuan.

Reported net income grew year over year to 137.5 million yuan, or 31 fen per share, from 62.9 million yuan, or 14 fen per share.

For the year, the company's normalized net income totaled 70 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 84 fen.

EPS rose 36.2% from 52 fen in the prior year.

Normalized net income was 310.1 million yuan, a gain of 36.2% from 227.7 million yuan in the prior year.

Full-year total revenue grew 18.3% from the prior-year period to 4.96 billion yuan from 4.19 billion yuan, and total operating expenses grew 16.3% year over year to 4.52 billion yuan from 3.89 billion yuan.

The company said reported net income grew 35.1% year over year to 431.2 million yuan, or 98 fen per share, in the full year, from 319.1 million yuan, or 73 fen per share.

As of April 20, US$1 was equivalent to 6.88 yuan.