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Winall Hi-tech Seed Q4 profit climbs YOY

Winall Hi-tech Seed Co. Ltd. said its normalized net income for the fourth quarter came to 3 fen per share, a decrease of 7.1% from 3 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 12.4 million yuan, a gain from 4.0 million yuan in the year-earlier period.

The normalized profit margin rose to 3.4% from 1.7% in the year-earlier period.

Total revenue grew 37.0% on an annual basis to 323.6 million yuan from 236.2 million yuan, and total operating expenses grew 30.2% on an annual basis to 277.7 million yuan from 213.4 million yuan.

Reported net income grew year over year to 33.3 million yuan, or 8 fen per share, from 15.3 million yuan, or 13 fen per share.

For the year, the company's normalized net income totaled 3.7 million yuan, compared with a loss of -2.3 million yuan in the prior year.

Full-year total revenue grew 29.5% on an annual basis to 607.4 million yuan from 469.0 million yuan, and total operating expenses grew 25.9% year over year to 574.6 million yuan from 456.4 million yuan.

The company said reported net income increased on an annual basis to 22.1 million yuan, or 5 fen per share, in the full year, from 5.2 million yuan, or 2 fen per share.

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