Zhejiang Jingu Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 28.6 million yuan, compared with a loss of 2.9 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 declined to negative 6.7% from negative 1.0% in the year-earlier period.

Total revenue climbed 46.3% year over year to 427.6 million yuan from 292.2 million yuan, and total operating expenses climbed 62.0% from the prior-year period to 459.2 million yuan from 283.5 million yuan.

Reported net income came to a loss of 16.6 million yuan, or a loss of 4 fen per share, compared to income of 1.9 million yuan, or 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 4 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12 fen.

EPS declined 54.5% from 10 fen in the prior year.

Normalized net income was 23.3 million yuan, a decrease of 51.4% from 47.9 million yuan in the prior year.

Full-year total revenue rose 16.0% on an annual basis to 1.52 billion yuan from 1.31 billion yuan, and total operating expenses rose 22.8% on an annual basis to 1.44 billion yuan from 1.18 billion yuan.

The company said reported net income fell 26.1% year over year to 47.0 million yuan, or 9 fen per share, in the full year, from 63.6 million yuan, or 13 fen per share.

As of April 12, US$1 was equivalent to 6.47 yuan.