Zhejiang Orient Holdings Co. Ltd. said its fourth-quarter normalized net income amounted to 29 fen per share, a gain of 29.7% from 22 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 150.7 million yuan, an increase of 35.5% from 111.2 million yuan in the year-earlier period.

The normalized profit margin rose to 6.8% from 3.8% in the year-earlier period.

Total revenue decreased 24.6% on an annual basis to 2.23 billion yuan from 2.96 billion yuan, and total operating expenses declined 25.4% from the prior-year period to 2.25 billion yuan from 3.02 billion yuan.

Reported net income declined 32.9% year over year to 141.4 million yuan, or 27 fen per share, from 210.9 million yuan, or 42 fen per share.

For the year, the company's normalized net income totaled 1.17 yuan per share, an increase of 9.6% from 1.07 yuan per share in the prior year.

Normalized net income was 594.6 million yuan, an increase of 10.1% from 540.3 million yuan in the prior year.

Full-year total revenue decreased 25.5% year over year to 7.70 billion yuan from 10.34 billion yuan, and total operating expenses decreased 25.4% on an annual basis to 7.60 billion yuan from 10.19 billion yuan.

The company said reported net income declined year over year to 588.9 million yuan, or 1.16 yuan per share, in the full year, from 616.7 million yuan, or 1.22 yuan per share.

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