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Pingtan Marine Enterprise swings to loss in Q4

Pingtan Marine Enterprise Ltd. said its normalized net income for the fourth quarter amounted to a loss of 7 cents per share, compared with 26 cents 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 $5.4 million, compared with income of $20.8 million in the prior-year period.

The normalized profit margin dropped to negative 38.5% from 36.9% in the year-earlier period.

Total revenue decreased 75.3% on an annual basis to $14.0 million from $56.5 million, and total operating expenses declined 40.9% on an annual basis to $23.8 million from $40.3 million.

Reported net income totaled a loss of $9.1 million, or a loss of 11 cents per share, compared to income of $33.3 million, or 42 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 15 cents per share, a decline of 77.6% from 68 cents per share in the prior year.

Normalized net income was $12.0 million, a decrease of 77.6% from $53.6 million in the prior year.

Full-year total revenue decreased 74.0% on an annual basis to $60.7 million from $233.4 million, and total operating expenses fell 58.1% on an annual basis to $68.3 million from $163.1 million.

The company said reported net income declined 78.6% year over year to $18.4 million, or 23 cents per share, in the full year, from $85.8 million, or $1.08 per share.