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Zhejiang Tiancheng Q4 profit falls YOY

Zhejiang Tiancheng Controls Co. Ltd. said its fourth-quarter normalized net income came to 3 fen per share, a decline of 32.3% 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 7.0 million yuan, a decrease from 7.2 million yuan in the prior-year period.

The normalized profit margin fell to 8.9% from 9.0% in the year-earlier period.

Total revenue declined on an annual basis to 77.8 million yuan from 79.6 million yuan, and total operating expenses came to 67.2 million yuan, compared with 67.6 million yuan in the prior-year period.

Reported net income decreased 9.0% year over year to 8.7 million yuan, or 4 fen per share, from 9.5 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 14 fen per share, a decline of 14.7% from 16 fen per share in the prior year.

Normalized net income was 24.1 million yuan, compared with 24.1 million yuan in the prior year.

Full-year total revenue decreased 5.6% from the prior-year period to 292.6 million yuan from 309.9 million yuan, and total operating expenses declined on an annual basis to 256.0 million yuan from 268.8 million yuan.

The company said reported net income rose on an annual basis to 33.4 million yuan, or 19 fen per share, in the full year, from 32.3 million yuan, or 22 fen per share.

As of March 7, US$1 was equivalent to 6.52 yuan.