Tenfu (Cayman) Holdings Co. Ltd. said its second-half normalized net income amounted to 4 fen per share, a decrease of 55.3% from 9 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 51.7 million yuan, a decline of 55.3% from 115.5 million yuan in the year-earlier period.

Total revenue declined 9.1% year over year to 731.8 million yuan from 805.4 million yuan, and total operating expenses decreased from the prior-year period to 605.9 million yuan from 629.6 million yuan.

Reported net income decreased 64.4% from the prior-year period to 46.4 million yuan, or 4 fen per share, from 130.3 million yuan, or 11 fen per share.

For the year, the company's normalized net income totaled 12 fen per share, a decline of 39.7% from 19 fen per share in the prior year.

Normalized net income was 142.5 million yuan, a decrease of 39.7% from 236.4 million yuan in the prior year.

Full-year total revenue fell 10.1% on an annual basis to 1.52 billion yuan from 1.69 billion yuan, and total operating expenses declined 5.4% on an annual basis to 1.25 billion yuan from 1.33 billion yuan.

The company said reported net income fell 45.8% on an annual basis to 146.4 million yuan, or 12 fen per share, in the full year, from 270.2 million yuan, or 22 fen per share.

As of April 11, US$1 was equivalent to 6.46 yuan.