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Materials Industry Zhongda Q4 profit falls YOY

Wuchan Zhongda Group Co.Ltd. said its normalized net income for the fourth quarter amounted to 3 fen per share, a decrease of 91.5% from 41 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 164.2 million yuan, a decrease of 91.0% from 1.83 billion yuan in the year-earlier period.

The normalized profit margin fell to 0.2% from 2.6% in the year-earlier period.

Total revenue rose 17.6% year over year to 83.57 billion yuan from 71.07 billion yuan, and total operating expenses grew 18.3% year over year to 83.05 billion yuan from 70.19 billion yuan.

Reported net income decreased 17.3% on an annual basis to 756.0 million yuan, or 16 fen per share, from 914.5 million yuan, or 20 fen per share.

For the year, the company's normalized net income totaled 32 fen per share, a fall of 17.3% from 38 fen per share in the prior year.

Normalized net income was 1.54 billion yuan, a decline of 16.7% from 1.85 billion yuan in the prior year.

Full-year total revenue increased 33.5% from the prior-year period to 276.62 billion yuan from 207.17 billion yuan, and total operating expenses grew 33.1% year over year to 273.32 billion yuan from 205.28 billion yuan.

The company said reported net income grew on an annual basis to 2.23 billion yuan, or 46 fen per share, in the full year, from 2.15 billion yuan, or 45 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.