Guangzhou Pearl River Piano Group Co. Ltd. said its normalized net income for the fourth quarter amounted to 10.1 million yuan, an increase of 99.0% from 5.1 million 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 increased to 2.6% from 1.4% in the year-earlier period.

Total revenue rose year over year to 363.2 million yuan from 353.2 million yuan, and total operating expenses climbed on an annual basis to 351.7 million yuan from 347.5 million yuan.

Reported net income increased 22.4% on an annual basis to 24.0 million yuan, or 2 fen per share, from 19.6 million yuan, or 2 fen per share.

For the year, the company's normalized net income totaled 10 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 23 fen.

EPS declined 5.5% from 11 fen in the prior year.

Normalized net income was 100.4 million yuan, a decline from 102.8 million yuan in the prior year.

Full-year total revenue amounted to 1.47 billion yuan, compared with 1.47 billion yuan in the prior year, and total operating expenses came to 1.32 billion yuan, compared with 1.31 billion yuan in the year-earlier period.

The company said reported net income totaled 146.0 million yuan, or 15 fen per share, in the full year, compared with 141.1 million yuan, or 15 fen per share, the prior year.

As of March 30, US$1 was equivalent to 6.47 yuan.