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Fuxing China Q4 loss widens YOY

Fuxing China Group Ltd. said its normalized net income for the fourth quarter was a loss of 33 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 5.8 million yuan, compared with a loss of 1.9 million yuan in the prior-year period.

The normalized profit margin declined to negative 4.4% from negative 0.9% in the year-earlier period.

Total revenue decreased 5.4% year over year to 205.2 million yuan from 216.8 million yuan, and total operating expenses fell 5.6% on an annual basis to 213.9 million yuan from 226.6 million yuan.

Reported net income totaled a loss of 9.7 million yuan, or a loss of 56 fen per share, compared to income of 11.4 million yuan, or 65 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 56 fen per share, compared with 5 fen per share in the prior year.

Normalized net income was a loss of 9.6 million yuan, compared with income of 813,130 yuan in the prior year.

Full-year total revenue rose 8.2% on an annual basis to 702.1 million yuan from 649.1 million yuan, and total operating expenses increased 9.7% on an annual basis to 715.1 million yuan from 651.7 million yuan.

The company said reported net income totaled a loss of 17.2 million yuan, or a loss of 1.00 yuan per share, in the full year, compared with income of 10.1 million yuan, or 59 fen per share, the prior year.

As of April 11, US$1 was equivalent to 6.46 yuan.