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Shanghai Jinjiang International Travel swings to profit in Q4

Shanghai Jinjiang International Travel Co. Ltd. said its fourth-quarter normalized net income came to 5 fen per share, compared with a loss of 2 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 6.2 million yuan, compared with a loss of 3.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 0.5% from negative 0.5% in the year-earlier period.

Total revenue increased 15.0% on an annual basis to 717.8 million yuan from 623.9 million yuan, and total operating expenses grew 17.7% year over year to 743.0 million yuan from 631.5 million yuan.

Reported net income grew from the prior-year period to 8.8 million yuan, or 7 fen per share, from 1.4 million yuan, or 1 fen per share.

For the year, the company's normalized net income totaled 30 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 47 fen.

EPS rose 7.9% from 28 fen in the prior year.

Normalized net income was 40.1 million yuan, an increase of 7.9% from 37.2 million yuan in the prior year.

Full-year total revenue increased 5.4% on an annual basis to 2.28 billion yuan from 2.16 billion yuan, and total operating expenses increased 6.5% year over year to 2.31 billion yuan from 2.17 billion yuan.

The company said reported net income increased on an annual basis to 60.8 million yuan, or 46 fen per share, in the full year, from 58.6 million yuan, or 44 fen per share.

As of March 28, US$1 was equivalent to 6.48 yuan.