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Zhejiang Asia-Pacific Q4 profit falls YOY

Zhejiang Asia-Pacific Mechanical & Electronic Co. Ltd. said its fourth-quarter normalized net income came to 2 fen per share, a decline of 58.9% from 5 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 17.0 million yuan, a decline of 47.3% from 32.3 million yuan in the year-earlier period.

The normalized profit margin dropped to 1.5% from 3.7% in the year-earlier period.

Total revenue decreased 7.3% on an annual basis to 814.3 million yuan from 878.8 million yuan, and total operating expenses declined 5.4% on an annual basis to 790.7 million yuan from 835.7 million yuan.

Reported net income declined 50.8% on an annual basis to 23.6 million yuan, or 3 fen per share, from 48.0 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 12 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 24 fen.

EPS declined 45.2% from 22 fen in the prior year.

Normalized net income was 91.5 million yuan, a fall of 30.0% from 130.7 million yuan in the prior year.

Full-year total revenue fell 6.7% from the prior-year period to 3.06 billion yuan from 3.28 billion yuan, and total operating expenses decreased 5.3% on an annual basis to 2.91 billion yuan from 3.07 billion yuan.

The company said reported net income decreased 19.2% on an annual basis to 141.9 million yuan, or 19 fen per share, in the full year, from 175.6 million yuan, or 30 fen per share.

As of March 14, US$1 was equivalent to 6.50 yuan.