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Anhui Huamao Textile swings to loss in Q4

Anhui Huamao Textile Co. Ltd. said its normalized net income for the fourth quarter was a loss of 735,130 yuan, compared with income of 240.3 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 fell to negative 3.1% from 46.4% in the year-earlier period.

Total revenue rose year over year to 530.7 million yuan from 517.4 million yuan, and total operating expenses fell 12.3% on an annual basis to 546.7 million yuan from 623.0 million yuan.

Reported net income totaled a loss of 34.0 million yuan, or a loss of 4 fen per share, compared to income of 351.1 million yuan, or 39 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 9 fen per share, a decrease of 68.9% from 28 fen per share in the prior year.

Normalized net income was 78.5 million yuan, a decline of 70.4% from 265.3 million yuan in the prior year.

Full-year total revenue decreased from the prior-year period to 1.93 billion yuan from 1.98 billion yuan, and total operating expenses fell on an annual basis to 2.02 billion yuan from 2.08 billion yuan.

The company said reported net income declined 78.6% year over year to 81.0 million yuan, or 9 fen per share, in the full year, from 377.9 million yuan, or 40 fen per share.

As of Feb. 29, US$1 was equivalent to 6.56 yuan.