Zhejiang Unifull Industrial Fibre Co. Ltd. said its normalized net income for the fourth quarter came to 3.4 million yuan, a decline of 48.2% from 6.6 million yuan in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 0.1% from 1.2% in the year-earlier period.
Total revenue decreased 8.8% on an annual basis to 518.9 million yuan from 568.7 million yuan, and total operating expenses decreased year over year to 515.0 million yuan from 536.7 million yuan.
Reported net income fell 82.3% year over year to 5.0 million yuan, or 1 fen per share, from 28.3 million yuan, or 8 fen per share.
For the year, the company's normalized net income totaled 19 fen per share, an increase of 12.9% from 17 fen per share in the prior year.
Normalized net income was 69.9 million yuan, a rise of 23.4% from 56.6 million yuan in the prior year.
Full-year total revenue declined 19.1% on an annual basis to 2.01 billion yuan from 2.48 billion yuan, and total operating expenses fell 19.7% on an annual basis to 1.85 billion yuan from 2.31 billion yuan.
The company said reported net income increased 5.4% year over year to 100.0 million yuan, or 27 fen per share, in the full year, from 94.9 million yuan, or 28 fen per share.
As of April 15, US$1 was equivalent to 6.47 yuan.