Shanghai Lianming Machinery Co. Ltd. said its normalized net income for the fourth quarter was 18 fen per share, an increase of 51.5% from 12 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 50.6 million yuan, a gain of 19.5% from 42.4 million yuan in the prior-year period.

The normalized profit margin fell to 10.7% from 14.1% in the year-earlier period.

Total revenue totaled 297.8 million yuan, compared with 300.8 million yuan in the year-earlier period, and total operating expenses fell on an annual basis to 222.6 million yuan from 231.4 million yuan.

Reported net income grew 23.0% from the prior-year period to 62.6 million yuan, or 22 fen per share, from 50.9 million yuan, or 14 fen per share.

For the year, the company's normalized net income totaled 42 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 28 fen.

EPS declined 5.6% from 44 fen in the prior year.

Normalized net income was 79.0 million yuan, a fall of 5.0% from 83.2 million yuan in the prior year.

Full-year total revenue increased 6.2% year over year to 683.6 million yuan from 643.6 million yuan, and total operating expenses grew 11.0% on an annual basis to 563.0 million yuan from 507.0 million yuan.

The company said reported net income declined on an annual basis to 97.7 million yuan, or 52 fen per share, in the full year, from 100.8 million yuan, or 54 fen per share.

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