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Xingye Leather Q4 profit falls YOY

Xingye Leather Technology Co. Ltd. said its normalized net income for the fourth quarter amounted to 406,910 yuan, a decline of 97.4% from 15.5 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.9% from 2.1% in the year-earlier period.

Total revenue fell 6.7% on an annual basis to 693.1 million yuan from 742.6 million yuan, and total operating expenses declined year over year to 682.0 million yuan from 706.3 million yuan.

Reported net income fell 57.3% from the prior-year period to 12.9 million yuan, or 5 fen per share, from 30.3 million yuan, or 12 fen per share.

For the year, the company's normalized net income totaled a loss of 2 fen per share, compared with 33 fen per share in the prior year.

Normalized net income was a loss of 5.3 million yuan, compared with income of 80.3 million yuan in the prior year.

Full-year total revenue grew 5.6% on an annual basis to 2.36 billion yuan from 2.23 billion yuan, and total operating expenses increased 9.8% on an annual basis to 2.31 billion yuan from 2.10 billion yuan.

The company said reported net income declined 88.9% year over year to 13.3 million yuan, or 5 fen per share, in the full year, from 120.0 million yuan, or 49 fen per share.

As of Feb. 22, US$1 was equivalent to 6.52 yuan.