Luoniushan Co. Ltd. said its fourth-quarter normalized net income came to a loss of 12 fen per share, compared with a loss of 4 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 a loss of 103.6 million yuan, compared with a loss of 31.8 million yuan in the year-earlier period.

The normalized profit margin fell to negative 47.7% from negative 16.2% in the year-earlier period.

Total revenue grew 10.7% year over year to 218.2 million yuan from 197.0 million yuan, and total operating expenses climbed 8.5% from the prior-year period to 260.1 million yuan from 239.6 million yuan.

Reported net income came to 16.4 million yuan, or 2 fen per share, compared to a loss of 4.1 million yuan, or a loss of 0 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 8 fen per share, compared with 1 fen per share in the prior year.

Normalized net income was a loss of 67.7 million yuan, compared with income of 10.7 million yuan in the prior year.

Full-year total revenue decreased 27.4% year over year to 730.0 million yuan from 1.01 billion yuan, and total operating expenses decreased 25.1% year over year to 829.3 million yuan from 1.11 billion yuan.

The company said reported net income increased 19.3% year over year to 60.8 million yuan, or 7 fen per share, in the full year, from 51.0 million yuan, or 6 fen per share.

As of March 30, US$1 was equivalent to 6.47 yuan.