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Zhejiang Hangmin Q4 profit falls YOY

Zhejiang Hangmin Co. Ltd said its fourth-quarter normalized net income was 15 fen per share, a decline of 18.5% from 19 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 99.3 million yuan, a decrease of 17.7% from 120.6 million yuan in the prior-year period.

The normalized profit margin fell to 14.1% from 15.3% in the year-earlier period.

Total revenue declined 5.1% year over year to 747.0 million yuan from 786.8 million yuan, and total operating expenses came to 562.9 million yuan, compared with 568.0 million yuan in the prior-year period.

Reported net income decreased 13.5% on an annual basis to 146.0 million yuan, or 23 fen per share, from 168.8 million yuan, or 26 fen per share.

For the year, the company's normalized net income totaled 55 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 76 fen.

EPS rose 6.0% from 52 fen in the prior year.

Normalized net income was 350.2 million yuan, a rise of 6.3% from 329.5 million yuan in the prior year.

Full-year total revenue fell on an annual basis to 3.03 billion yuan from 3.18 billion yuan, and total operating expenses declined 7.7% on an annual basis to 2.36 billion yuan from 2.56 billion yuan.

The company said reported net income rose 8.9% on an annual basis to 484.3 million yuan, or 76 fen per share, in the full year, from 444.9 million yuan, or 70 fen per share.

As of Feb. 29, US$1 was equivalent to 6.56 yuan.