Kasen International Holdings Ltd. said its second-half normalized net income was a loss of 2.3 million yuan, compared with a loss of 41.8 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue fell 8.7% year over year to 1.55 billion yuan from 1.69 billion yuan, and total operating expenses declined 9.0% on an annual basis to 1.58 billion yuan from 1.74 billion yuan.

Reported net income came to 62.7 million yuan, or 4 fen per share, compared to a loss of 84.0 million yuan, or a loss of 6 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1 fen per share, compared with a loss of 2 fen per share in the prior year.

Normalized net income was a loss of 16.4 million yuan, compared with a loss of 30.9 million yuan in the prior year.

Full-year total revenue totaled 3.24 billion yuan, compared with 3.23 billion yuan in the prior year, and total operating expenses totaled 3.23 billion yuan, compared with 3.24 billion yuan in the year-earlier period.

The company said reported net income rose year over year to 190.5 million yuan, or 14 fen per share, in the full year, from 32.4 million yuan, or 2 fen per share.

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