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Tianjin Pengling Rubber Hose Q4 profit climbs YOY

Tianjin Pengling Group Co. Ltd. said its fourth-quarter normalized net income was 16 fen per share, an increase from 7 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 28.7 million yuan, a gain from 12.6 million yuan in the year-earlier period.

The normalized profit margin increased to 11.3% from 4.5% in the year-earlier period.

Total revenue fell 5.8% on an annual basis to 263.2 million yuan from 279.3 million yuan, and total operating expenses decreased 13.1% from the prior-year period to 218.1 million yuan from 250.9 million yuan.

Reported net income increased 44.7% from the prior-year period to 40.2 million yuan, or 22 fen per share, from 27.8 million yuan, or 15 fen per share.

For the year, the company's normalized net income totaled 49 fen per share, an increase from 48 fen per share in the prior year.

Normalized net income was 87.9 million yuan, a rise from 84.9 million yuan in the prior year.

Full-year total revenue fell 10.4% on an annual basis to 985.3 million yuan from 1.10 billion yuan, and total operating expenses decreased 12.1% year over year to 847.0 million yuan from 963.3 million yuan.

The company said reported net income totaled 124.8 million yuan, or 69 fen per share, in the full year, compared with 125.4 million yuan, or 71 fen per share, the prior year.

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