Linhai Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 1.1 million yuan, compared with income of 813,930 yuan in the prior-year period.

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

The normalized profit margin dropped to negative 1.2% from 0.8% in the year-earlier period.

Total revenue declined 6.8% on an annual basis to 96.8 million yuan from 103.8 million yuan, and total operating expenses decreased year over year to 99.1 million yuan from 103.5 million yuan.

Reported net income totaled a loss of 19,880 yuan, or a loss of 0 fen per share, compared to income of 675,290 yuan, or 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.8 million yuan, a fall of 35.9% from 2.8 million yuan in the prior year.

Full-year total revenue amounted to 357.0 million yuan, compared with 357.8 million yuan in the prior year, and total operating expenses totaled 360.3 million yuan, compared with 358.6 million yuan in the year-earlier period.

The company said reported net income declined 19.4% year over year to 2.4 million yuan, or 1 fen per share, in the full year, from 2.9 million yuan, or 1 fen per share.

As of March 11, US$1 was equivalent to 6.50 yuan.