Guilin Tourism Corp. Ltd. said its normalized net income for the fourth quarter came to a loss of 1.0 million yuan, compared with income of 42.9 million yuan in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 0.9% from 6.5% in the year-earlier period.
Total revenue decreased 82.1% year over year to 117.1 million yuan from 655.5 million yuan, and total operating expenses decreased 79.9% year over year to 116.7 million yuan from 580.7 million yuan.
Reported net income came to a loss of 1.9 million yuan, or a loss of 1 fen per share, compared to income of 50.5 million yuan, or 13 fen per share, in the year-earlier period.
For the year, the company's normalized net income totaled 8 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 11 fen.
EPS declined 35.6% from 12 fen in the prior year.
Normalized net income was 27.9 million yuan, a fall of 35.9% from 43.6 million yuan in the prior year.
Full-year total revenue decreased 49.6% on an annual basis to 500.0 million yuan from 991.4 million yuan, and total operating expenses decreased 50.7% year over year to 447.6 million yuan from 907.4 million yuan.
The company said reported net income declined 27.5% on an annual basis to 29.9 million yuan, or 8 fen per share, in the full year, from 41.2 million yuan, or 11 fen per share.
As of March 30, US$1 was equivalent to 6.47 yuan.