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Chongqing Brewery Q4 loss narrows YOY

Chongqing Brewery Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 12 fen per share, compared with a loss of 18 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 a loss of 58.9 million yuan, compared with a loss of 92.2 million yuan in the year-earlier period.

The normalized profit margin rose to negative 12.3% from negative 17.2% in the year-earlier period.

Total revenue declined year over year to 520.3 million yuan from 535.5 million yuan, and total operating expenses fell 8.5% year over year to 694.9 million yuan from 759.6 million yuan.

Reported net income totaled a loss of 237.8 million yuan, or a loss of 49 fen per share, compared to a loss of 86.3 million yuan, or a loss of 17 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 35 fen per share, an increase of 22.5% from 28 fen per share in the prior year.

Normalized net income was 168.0 million yuan, a gain of 21.1% from 138.7 million yuan in the prior year.

Full-year total revenue grew on an annual basis to 3.32 billion yuan from 3.17 billion yuan, and total operating expenses rose year over year to 3.20 billion yuan from 3.09 billion yuan.

The company said reported net income came to a loss of 65.7 million yuan, or a loss of 14 fen per share, in the full year, compared with income of 73.4 million yuan, or 15 fen per share, the prior year.

As of April 8, US$1 was equivalent to 6.47 yuan.