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Springland International H2 profit falls YOY

Springland International Holdings Ltd. said its normalized net income for the second half came to 4 fen per share, a decline of 30.9% 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 96.0 million yuan, a decline of 33.1% from 143.5 million yuan in the prior-year period.

Total revenue climbed year over year to 2.29 billion yuan from 2.22 billion yuan, and total operating expenses increased 7.3% on an annual basis to 2.14 billion yuan from 1.99 billion yuan.

Reported net income fell 34.2% year over year to 85.7 million yuan, or 4 fen per share, from 130.1 million yuan, or 5 fen per share.

For the year, the company's normalized net income totaled 15 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 fen.

EPS declined 18.7% from 19 fen in the prior year.

Normalized net income was 358.8 million yuan, a decline of 20.5% from 451.3 million yuan in the prior year.

Full-year total revenue grew year over year to 4.85 billion yuan from 4.71 billion yuan, and total operating expenses increased 6.6% year over year to 4.24 billion yuan from 3.98 billion yuan.

The company said reported net income decreased 32.3% on an annual basis to 325.1 million yuan, or 14 fen per share, in the full year, from 480.3 million yuan, or 20 fen per share.

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