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Ningxia Zhongyin Cashmere Q4 loss narrows YOY

Ningxia Zhongyin Cashmere Co. Ltd. said its normalized net income for the fourth quarter was a loss of 24 fen per share, compared with a loss of 36 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 a loss of 437.6 million yuan, compared with a loss of 615.4 million yuan in the year-earlier period.

The normalized profit margin climbed to negative 45.8% from negative 75.1% in the year-earlier period.

Total revenue climbed 16.7% on an annual basis to 956.3 million yuan from 819.6 million yuan, and total operating expenses fell 16.0% from the prior-year period to 1.39 billion yuan from 1.65 billion yuan.

Reported net income came to a loss of 737.7 million yuan, or a loss of 41 fen per share, compared to a loss of 893.0 million yuan, or a loss of 53 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 34 fen per share, compared with a loss of 31 fen per share in the prior year.

Normalized net income was a loss of 620.4 million yuan, compared with a loss of 563.8 million yuan in the prior year.

Full-year total revenue increased year over year to 3.31 billion yuan from 3.18 billion yuan, and total operating expenses fell year over year to 3.70 billion yuan from 3.80 billion yuan.

The company said reported net income totaled a loss of 1.06 billion yuan, or a loss of 59 fen per share, in the full year, compared with a loss of 874.4 million yuan, or a loss of 48 fen per share, the prior year.

As of April 28, US$1 was equivalent to 6.90 yuan.