Eastern Pioneer Driving School Co. Ltd said its normalized net income for the fourth quarter amounted to 13 fen per share, a decrease of 31.4% from 19 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 48.2 million yuan, a decrease of 31.4% from 70.3 million yuan in the prior-year period.

The normalized profit margin declined to 15.7% from 19.8% in the year-earlier period.

Total revenue decreased 13.9% on an annual basis to 305.6 million yuan from 354.9 million yuan, and total operating expenses fell 9.9% year over year to 222.2 million yuan from 246.5 million yuan.

Reported net income declined 22.5% year over year to 59.2 million yuan, or 16 fen per share, from 76.3 million yuan, or 21 fen per share.

For the year, the company's normalized net income totaled 78 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 75 fen.

EPS was 79 fen in the prior year.

Normalized net income was 289.3 million yuan, compared with 291.6 million yuan in the prior year.

Full-year total revenue grew year over year to 1.33 billion yuan from 1.28 billion yuan, and total operating expenses increased year over year to 882.4 million yuan from 858.1 million yuan.

The company said reported net income totaled 329.1 million yuan, or 89 fen per share, in the full year, compared with 326.3 million yuan, or 88 fen per share, the prior year.

As of Feb. 29, US$1 was equivalent to 6.56 yuan.