Shandong Jintai Group Co. Ltd. said its normalized net income for the fourth quarter came to 250,620 yuan, a decrease of 94.5% from 4.6 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.3% from 156.1% in the year-earlier period.

Total revenue increased year over year to 18.7 million yuan from 2.9 million yuan, and total operating expenses climbed on an annual basis to 19.0 million yuan from 42,720 yuan.

Reported net income came to a loss of 1.7 million yuan, or a loss of 1 fen per share, compared to income of 576,400 yuan, or 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 381,090 yuan, compared with income of 5.3 million yuan in the prior year.

Full-year total revenue decreased 91.4% on an annual basis to 24.9 million yuan from 289.9 million yuan, and total operating expenses fell 90.5% year over year to 27.0 million yuan from 283.3 million yuan.

The company said reported net income came to a loss of 6.4 million yuan, or a loss of 4 fen per share, in the full year, compared with income of 2.3 million yuan, or 2 fen per share, the prior year.

As of April 13, US$1 was equivalent to 6.27 yuan.