Tsingtao Brewery Co. Ltd. said its fourth-quarter normalized net income came to a loss of 4 fen per share, compared with a loss of 29 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 a loss of 52.5 million yuan, compared with a loss of 396.1 million yuan in the prior-year period.
The normalized profit margin increased to negative 8.6% from negative 12.0% in the year-earlier period.
Total revenue came to 3.32 billion yuan, compared with 3.31 billion yuan in the prior-year period, and total operating expenses climbed 8.0% on an annual basis to 4.06 billion yuan from 3.76 billion yuan.
Reported net income came to a loss of 32.2 million yuan, or a loss of 2 fen per share, compared to a loss of 189.4 million yuan, or a loss of 14 fen per share, in the year-earlier period.
For the year, the company's normalized net income totaled 93 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.14 yuan.
EPS declined 9.8% from 1.04 yuan in the prior year.
Normalized net income was 1.26 billion yuan, a decline of 9.8% from 1.40 billion yuan in the prior year.
Full-year total revenue declined from the prior-year period to 27.63 billion yuan from 29.05 billion yuan, and total operating expenses declined year over year to 26.56 billion yuan from 27.15 billion yuan.
The company said reported net income declined 13.9% year over year to 1.71 billion yuan, or 1.27 yuan per share, in the full year, from 1.99 billion yuan, or 1.47 yuan per share.
As of March 28, US$1 was equivalent to 6.48 yuan.