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Jiangsu Huaxicun swings to loss in Q4

Jiangsu Huaxicun Co. Ltd. said its normalized net income for the fourth quarter was a loss of 3.7 million yuan, compared with income of 12.9 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 1.0% from 2.5% in the year-earlier period.

Total revenue fell 6.8% year over year to 479.5 million yuan from 514.5 million yuan, and total operating expenses decreased on an annual basis to 480.5 million yuan from 504.3 million yuan.

Reported net income declined 27.4% from the prior-year period to 19.5 million yuan, or 3 fen per share, from 26.9 million yuan, or 4 fen per share.

For the year, the company's normalized net income totaled 8 fen per share, a gain of 54.8% from 5 fen per share in the prior year.

Normalized net income was 59.9 million yuan, a gain of 71.6% from 34.9 million yuan in the prior year.

Full-year total revenue declined year over year to 2.01 billion yuan from 2.07 billion yuan, and total operating expenses declined on an annual basis to 1.94 billion yuan from 1.99 billion yuan.

The company said reported net income grew 52.4% on an annual basis to 85.8 million yuan, or 11 fen per share, in the full year, from 56.3 million yuan, or 8 fen per share.

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