Hunan Mendale Hometextile Co. Ltd. said its normalized net income for the fourth quarter came to 10 fen per share, an increase from 10 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 66.6 million yuan, compared with 66.0 million yuan in the year-earlier period.

The normalized profit margin fell to 10.2% from 11.4% in the year-earlier period.

Total revenue grew 9.3% on an annual basis to 635.3 million yuan from 581.0 million yuan, and total operating expenses grew 11.3% from the prior-year period to 526.1 million yuan from 472.8 million yuan.

Reported net income grew year over year to 93.7 million yuan, or 14 fen per share, from 90.8 million yuan, or 13 fen per share.

For the year, the company's normalized net income totaled 17 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 24 fen.

EPS rose from 17 fen in the prior year.

Normalized net income was 115.1 million yuan, a rise from 113.2 million yuan in the prior year.

Full-year total revenue declined year over year to 1.52 billion yuan from 1.57 billion yuan, and total operating expenses fell on an annual basis to 1.33 billion yuan from 1.39 billion yuan.

The company said reported net income rose year over year to 155.3 million yuan, or 23 fen per share, in the full year, from 148.3 million yuan, or 22 fen per share.

As of March 29, US$1 was equivalent to 6.51 yuan.