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Shanghai Xin Nanyang Q4 profit falls YOY

Shanghai Xin Nanyang Co. Ltd. said its normalized net income for the fourth quarter was 3 fen per share, a decline of 45.8% from 5 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 6.9 million yuan, a decline of 44.4% from 12.4 million yuan in the prior-year period.

The normalized profit margin dropped to 1.0% from 4.6% in the year-earlier period.

Total revenue increased 21.2% year over year to 323.3 million yuan from 266.8 million yuan, and total operating expenses rose 33.1% on an annual basis to 329.2 million yuan from 247.3 million yuan.

Reported net income decreased 38.7% year over year to 12.0 million yuan, or 5 fen per share, from 19.6 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 23 fen per share, an increase of 5.2% from 22 fen per share in the prior year.

Normalized net income was 59.7 million yuan, a gain of 8.2% from 55.2 million yuan in the prior year.

Full-year total revenue totaled 1.17 billion yuan, compared with 1.17 billion yuan in the prior year, and total operating expenses grew year over year to 1.14 billion yuan from 1.10 billion yuan.

The company said reported net income fell on an annual basis to 60.1 million yuan, or 23 fen per share, in the full year, from 63.1 million yuan, or 25 fen per share.

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