HaiNan Yedao (Group) Co. Ltd. said its normalized net income for the fourth quarter was 2 fen per share, an increase of 69.1% from 1 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 8.2 million yuan, a gain of 32.1% from 6.2 million yuan in the prior-year period.

The normalized profit margin fell to negative 0.3% from 3.0% in the year-earlier period.

Total revenue declined 11.9% year over year to 182.3 million yuan from 207.0 million yuan, and total operating expenses decreased 12.3% from the prior-year period to 167.9 million yuan from 191.5 million yuan.

Reported net income totaled 26.1 million yuan, or 6 fen per share, compared to a loss of 54,100 yuan, or a loss of 0 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 2 fen per share, compared with 7 fen per share in the prior year.

Normalized net income was a loss of 9.5 million yuan, compared with income of 32.8 million yuan in the prior year.

Full-year total revenue decreased 10.8% year over year to 438.6 million yuan from 491.6 million yuan, and total operating expenses declined 6.8% year over year to 448.0 million yuan from 480.5 million yuan.

The company said reported net income decreased 68.7% on an annual basis to 13.1 million yuan, or 3 fen per share, in the full year, from 41.9 million yuan, or 9 fen per share.

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