Panda Financial Holding Corp. Ltd. said its normalized net income for the fourth quarter amounted to 7 fen per share, a decrease of 50.3% from 14 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 11.6 million yuan, a decrease of 52.5% from 24.3 million yuan in the prior-year period.

The normalized profit margin fell to 13.7% from 25.3% in the year-earlier period.

Total revenue decreased 12.6% on an annual basis to 84.0 million yuan from 96.2 million yuan, and total operating expenses declined 13.1% on an annual basis to 59.8 million yuan from 68.8 million yuan.

Reported net income fell 40.0% from the prior-year period to 13.9 million yuan, or 8 fen per share, from 23.1 million yuan, or 13 fen per share.

For the year, the company's normalized net income totaled 58 fen per share, a gain of 81.4% from 32 fen per share in the prior year.

Normalized net income was 97.6 million yuan, a rise of 75.7% from 55.6 million yuan in the prior year.

Full-year total revenue rose from the prior-year period to 343.0 million yuan from 334.2 million yuan, and total operating expenses decreased 15.9% on an annual basis to 213.7 million yuan from 254.2 million yuan.

The company said reported net income totaled 20.1 million yuan, or 12 fen per share, in the full year, compared with 20.7 million yuan, or 12 fen per share, the prior year.

As of April 13, US$1 was equivalent to 6.27 yuan.