Guangdong Guanghong Holdings Co. Ltd. said its fourth-quarter normalized net income amounted to 5.0 million yuan, a decrease of 91.8% from 60.3 million yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 0.8% from 13.0% in the year-earlier period.
Total revenue declined 11.1% on an annual basis to 414.3 million yuan from 465.8 million yuan, and total operating expenses declined 8.7% year over year to 425.6 million yuan from 465.9 million yuan.
Reported net income fell 91.6% on an annual basis to 7.6 million yuan, or 1 fen per share, from 89.6 million yuan, or 14 fen per share.
For the year, the company's normalized net income totaled 11 fen per share, a fall of 43.7% from 20 fen per share in the prior year.
Normalized net income was 64.5 million yuan, a decrease of 44.9% from 116.9 million yuan in the prior year.
Full-year total revenue grew on an annual basis to 1.93 billion yuan from 1.88 billion yuan, and total operating expenses increased on an annual basis to 1.87 billion yuan from 1.81 billion yuan.
The company said reported net income decreased 51.1% on an annual basis to 74.9 million yuan, or 13 fen per share, in the full year, from 153.1 million yuan, or 26 fen per share.
As of March 29, US$1 was equivalent to 6.51 yuan.