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Fangda Special Steel Technology swings to loss in Q4

Fangda Special Steel Technology Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 3 fen per share, compared with 7 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 36.3 million yuan, compared with income of 93.7 million yuan in the prior-year period.

The normalized profit margin fell to negative 5.1% from 3.3% in the year-earlier period.

Total revenue decreased 35.1% year over year to 1.83 billion yuan from 2.83 billion yuan, and total operating expenses declined 29.4% from the prior-year period to 1.86 billion yuan from 2.63 billion yuan.

Reported net income totaled a loss of 54.1 million yuan, or a loss of 4 fen per share, compared to income of 126.1 million yuan, or 10 fen per share, in the year-earlier period.

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

EPS declined 76.8% from 35 fen in the prior year.

Normalized net income was 106.6 million yuan, a decrease of 76.7% from 456.6 million yuan in the prior year.

Full-year total revenue decreased 29.5% on an annual basis to 8.15 billion yuan from 11.56 billion yuan, and total operating expenses decreased 26.2% on an annual basis to 7.83 billion yuan from 10.61 billion yuan.

The company said reported net income declined 81.3% on an annual basis to 105.9 million yuan, or 8 fen per share, in the full year, from 565.9 million yuan, or 43 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.