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Shanghai Sanmao Enterprise swings to profit in Q4

Shanghai Sanmao Enterprise (Group) Co. Ltd. said its fourth-quarter normalized net income came to 9 fen per share, compared with a loss of 7 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 20.5 million yuan, compared with a loss of 14.2 million yuan in the prior-year period.

The normalized profit margin climbed to 6.6% from negative 4.4% in the year-earlier period.

Total revenue decreased year over year to 310.7 million yuan from 321.9 million yuan, and total operating expenses fell on an annual basis to 334.0 million yuan from 347.3 million yuan.

Reported net income totaled a loss of 18.8 million yuan, or a loss of 9 fen per share, compared to a loss of 13.8 million yuan, or a loss of 7 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 4 fen per share, a fall of 81.9% from 21 fen per share in the prior year.

Normalized net income was 7.9 million yuan, a decrease of 81.6% from 42.8 million yuan in the prior year.

Full-year total revenue declined 12.2% on an annual basis to 1.13 billion yuan from 1.28 billion yuan, and total operating expenses decreased 12.2% year over year to 1.17 billion yuan from 1.33 billion yuan.

The company said reported net income totaled a loss of 38.8 million yuan, or a loss of 19 fen per share, in the full year, compared with income of 60.0 million yuan, or 30 fen per share, the prior year.

As of Feb. 5, US$1 was equivalent to 6.58 yuan.