Henan Xinye Textile Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 5 fen per share, compared with 3 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 31.5 million yuan, compared with income of 17.2 million yuan in the prior-year period.

The normalized profit margin fell to negative 3.3% from 1.7% in the year-earlier period.

Total revenue declined 7.6% on an annual basis to 933.6 million yuan from 1.01 billion yuan, and total operating expenses declined from the prior-year period to 921.4 million yuan from 949.8 million yuan.

Reported net income declined 49.3% year over year to 16.1 million yuan, or 2 fen per share, from 31.7 million yuan, or 5 fen per share.

For the year, the company's normalized net income totaled 7 fen per share, a fall of 23.2% from 9 fen per share in the prior year.

Normalized net income was 47.3 million yuan, a fall of 23.2% from 61.6 million yuan in the prior year.

Full-year total revenue decreased 10.4% on an annual basis to 3.05 billion yuan from 3.40 billion yuan, and total operating expenses decreased 10.5% on an annual basis to 2.85 billion yuan from 3.19 billion yuan.

The company said reported net income increased 38.8% on an annual basis to 117.2 million yuan, or 17 fen per share, in the full year, from 84.4 million yuan, or 13 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.