Zhongmin Baihui Retail Group Ltd. said its fourth-quarter normalized net income was 3 fen per share, a decrease of 52.7% from 7 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.0 million yuan, a decline of 52.7% from 12.8 million yuan in the year-earlier period.

The normalized profit margin fell to 3.1% from 5.8% in the year-earlier period.

Total revenue decreased 11.4% year over year to 194.6 million yuan from 219.6 million yuan, and total operating expenses decreased 9.9% on an annual basis to 205.0 million yuan from 227.5 million yuan.

Reported net income fell 65.7% on an annual basis to 3.6 million yuan, or 2 fen per share, from 10.4 million yuan, or 5 fen per share.

For the year, the company's normalized net income totaled 25 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 31 fen.

EPS rose 42.9% from 17 fen in the prior year.

Normalized net income was 48.4 million yuan, a rise of 42.9% from 33.9 million yuan in the prior year.

Full-year total revenue decreased 5.9% year over year to 829.9 million yuan from 882.3 million yuan, and total operating expenses declined 7.4% on an annual basis to 832.4 million yuan from 899.1 million yuan.

The company said reported net income grew 64.6% year over year to 52.6 million yuan, or 27 fen per share, in the full year, from 32.0 million yuan, or 16 fen per share.

As of April 8, US$1 was equivalent to 6.47 yuan.