Changbai Mountain Tourism Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 5 fen per share, compared with a loss of 4 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 a loss of 12.4 million yuan, compared with a loss of 11.1 million yuan in the prior-year period.

The normalized profit margin dropped to negative 43.0% from negative 36.5% in the year-earlier period.

Total revenue declined year over year to 28.9 million yuan from 30.3 million yuan, and total operating expenses climbed on an annual basis to 50.9 million yuan from 50.3 million yuan.

Reported net income came to a loss of 15.3 million yuan, or a loss of 6 fen per share, compared to a loss of 14.1 million yuan, or a loss of 5 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 32 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 36 fen.

EPS rose 5.3% from 30 fen in the prior year.

Normalized net income was 84.6 million yuan, an increase of 25.8% from 67.2 million yuan in the prior year.

Full-year total revenue grew 8.8% from the prior-year period to 318.5 million yuan from 292.9 million yuan, and total operating expenses rose on an annual basis to 192.9 million yuan from 190.5 million yuan.

The company said reported net income increased 26.2% on an annual basis to 100.6 million yuan, or 38 fen per share, in the full year, from 79.7 million yuan, or 36 fen per share.

As of March 28, US$1 was equivalent to 6.48 yuan.