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Sichuan Haowu Electromechanical swings to loss in Q4

Sichuan Haowu Electromechanical Co. Ltd. said its normalized net income for the fourth quarter amounted to a loss of 527,220 yuan, compared with income of 4.4 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 dropped to 2.0% from 3.9% in the year-earlier period.

Total revenue rose 11.1% on an annual basis to 126.3 million yuan from 113.8 million yuan, and total operating expenses climbed 12.0% year over year to 127.1 million yuan from 113.5 million yuan.

Reported net income totaled a loss of 2.2 million yuan, or a loss of 0 fen per share, compared to income of 4.7 million yuan, or 1 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 4 fen per share, a gain of 11.7% from 3 fen per share in the prior year.

Normalized net income was 18.4 million yuan, a gain of 23.2% from 14.9 million yuan in the prior year.

Full-year total revenue increased 16.6% from the prior-year period to 472.7 million yuan from 405.3 million yuan, and total operating expenses increased 18.7% on an annual basis to 446.8 million yuan from 376.5 million yuan.

The company said reported net income fell 17.3% on an annual basis to 15.0 million yuan, or 3 fen per share, in the full year, from 18.2 million yuan, or 4 fen per share.

As of March 9, US$1 was equivalent to 6.51 yuan.