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Harbin Dongan Auto Engine swings to loss in Q4

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Harbin Dongan Auto Engine swings to loss in Q4

Harbin Dongan Auto Engine Co. Ltd. said its normalized net income for the fourth quarter was a loss of 2 fen per share, compared with 8 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 8.7 million yuan, compared with income of 34.7 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 2.0% from 16.1% in the year-earlier period.

Total revenue climbed on an annual basis to 442.2 million yuan from 215.2 million yuan, and total operating expenses climbed on an annual basis to 491.1 million yuan from 184.3 million yuan.

Reported net income totaled a loss of 13.8 million yuan, or a loss of 3 fen per share, compared to income of 67.2 million yuan, or 15 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 fen per share, a fall of 13.7% from 3 fen per share in the prior year.

Normalized net income was 11.3 million yuan, a decline of 13.7% from 13.0 million yuan in the prior year.

Full-year total revenue rose 69.7% on an annual basis to 1.26 billion yuan from 743.2 million yuan, and total operating expenses grew 58.2% year over year to 1.30 billion yuan from 819.5 million yuan.

The company said reported net income declined 27.7% year over year to 23.4 million yuan, or 5 fen per share, in the full year, from 32.4 million yuan, or 7 fen per share.

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