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Hisense Kelon Electrical swings to profit in Q4

Hisense Kelon Electrical Holdings Company Ltd said its fourth-quarter normalized net income came to 3.4 million yuan, compared with a loss of 129.3 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 rose to negative 2.0% from negative 2.8% in the year-earlier period.

Total revenue fell 6.6% year over year to 4.24 billion yuan from 4.55 billion yuan, and total operating expenses decreased 7.3% from the prior-year period to 4.46 billion yuan from 4.81 billion yuan.

Reported net income came to 125.5 million yuan, or 9 fen per share, compared to a loss of 33.5 million yuan, or a loss of 3 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 20 fen per share, a decrease of 38.0% from 32 fen per share in the prior year.

Normalized net income was 266.4 million yuan, a decrease of 37.8% from 428.6 million yuan in the prior year.

Full-year total revenue decreased 11.5% on an annual basis to 23.47 billion yuan from 26.53 billion yuan, and total operating expenses fell 9.3% on an annual basis to 23.74 billion yuan from 26.17 billion yuan.

The company said reported net income fell 13.7% year over year to 585.2 million yuan, or 43 fen per share, in the full year, from 678.3 million yuan, or 50 fen per share.

As of March 29, US$1 was equivalent to 6.51 yuan.