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Beiqi Foton Motor Q4 loss narrows YOY

Beiqi Foton Motor Co. Ltd. said its fourth-quarter normalized net income was a loss of 8 fen per share, compared with a loss of 11 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 a loss of 371.2 million yuan, compared with a loss of 623.9 million yuan in the year-earlier period.

The normalized profit margin declined to negative 7.9% from negative 7.7% in the year-earlier period.

Total revenue rose year over year to 8.46 billion yuan from 8.10 billion yuan, and total operating expenses rose 6.1% year over year to 9.06 billion yuan from 8.54 billion yuan.

Reported net income increased 21.5% year over year to 245.3 million yuan, or 5 fen per share, from 201.9 million yuan, or 4 fen per share.

For the year, the company's normalized net income totaled a loss of 8 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3 fen.

EPS was a loss of 7 fen in the prior year.

Normalized net income was a loss of 486.6 million yuan, compared with a loss of 373.6 million yuan in the prior year.

Full-year total revenue totaled 34.00 billion yuan, compared with 33.69 billion yuan in the prior year, and total operating expenses rose on an annual basis to 34.92 billion yuan from 34.33 billion yuan.

The company said reported net income decreased 14.8% on an annual basis to 406.4 million yuan, or 7 fen per share, in the full year, from 477.1 million yuan, or 9 fen per share.

As of April 15, US$1 was equivalent to 6.47 yuan.