Toly Bread Co. Ltd. said its fourth-quarter normalized net income was 18 fen per share, a gain of 24.3% from 15 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 74.2 million yuan, an increase of 20.2% from 61.7 million yuan in the prior-year period.
The normalized profit margin fell to 9.8% from 10.4% in the year-earlier period.
Total revenue grew 21.0% on an annual basis to 719.6 million yuan from 594.5 million yuan, and total operating expenses grew 21.1% on an annual basis to 600.5 million yuan from 495.7 million yuan.
Reported net income rose 22.6% on an annual basis to 97.5 million yuan, or 24 fen per share, from 79.5 million yuan, or 19 fen per share.
For the year, the company's normalized net income totaled 68 fen per share, a gain of 27.6% from 53 fen per share in the prior year.
Normalized net income was 274.2 million yuan, a gain of 26.4% from 216.9 million yuan in the prior year.
Full-year total revenue increased 24.6% year over year to 2.56 billion yuan from 2.06 billion yuan, and total operating expenses grew 23.9% year over year to 2.12 billion yuan from 1.71 billion yuan.
The company said reported net income rose 27.1% on an annual basis to 347.0 million yuan, or 86 fen per share, in the full year, from 273.0 million yuan, or 67 fen per share.
As of March 25, US$1 was equivalent to 6.51 yuan.