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Sinomach Automobile swings to loss in Q4

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Sinomach Automobile swings to loss in Q4

Sinomach Automobile Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 3 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

The per-share result swung to a loss from the prior-year profit of 23 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 26.5 million yuan, compared with income of 218.9 million yuan in the prior-year period.

The normalized profit margin dropped to negative 0.1% from 1.1% in the year-earlier period.

Total revenue declined 32.7% on an annual basis to 13.63 billion yuan from 20.26 billion yuan, and total operating expenses declined 31.5% year over year to 13.69 billion yuan from 19.98 billion yuan.

Reported net income totaled a loss of 72.1 million yuan, or a loss of 8 fen per share, compared to income of 230.1 million yuan, or 24 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 46 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 61 fen.

EPS declined 43.8% from 82 fen in the prior year.

Normalized net income was 433.4 million yuan, a decline of 42.9% from 759.3 million yuan in the prior year.

Full-year total revenue declined 29.0% year over year to 64.16 billion yuan from 90.34 billion yuan, and total operating expenses declined 29.6% year over year to 62.50 billion yuan from 88.83 billion yuan.

The company said reported net income fell 43.8% year over year to 480.6 million yuan, or 51 fen per share, in the full year, from 855.1 million yuan, or 92 fen per share.

As of April 13, US$1 was equivalent to 6.47 yuan.