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Liuzhou Liangmianzhen swings to loss in Q4

Liuzhou Liangmianzhen Co. Ltd. said its fourth-quarter normalized net income came to a loss of 3 fen per share, compared with 26 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 14.7 million yuan, compared with income of 116.6 million yuan in the prior-year period.

The normalized profit margin dropped to negative 4.1% from 34.7% in the year-earlier period.

Total revenue grew on an annual basis to 342.4 million yuan from 335.8 million yuan, and total operating expenses fell 6.0% on an annual basis to 395.5 million yuan from 420.9 million yuan.

Reported net income totaled a loss of 72.2 million yuan, or a loss of 14 fen per share, compared to income of 137.5 million yuan, or 31 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 13 fen per share, compared with 13 fen per share in the prior year.

Normalized net income was a loss of 70.2 million yuan, compared with income of 57.4 million yuan in the prior year.

Full-year total revenue increased 14.0% from the prior-year period to 1.35 billion yuan from 1.19 billion yuan, and total operating expenses grew 10.0% year over year to 1.55 billion yuan from 1.41 billion yuan.

The company said reported net income came to a loss of 173.3 million yuan, or a loss of 32 fen per share, in the full year, compared with income of 21.9 million yuan, or 5 fen per share, the prior year.

As of April 14, US$1 was equivalent to 6.49 yuan.