Midea Group Co. Ltd. said its normalized net income for the fourth quarter amounted to 14 fen per share, compared with the S&P Capital IQ consensus estimate of 29 fen per share.

EPS climbed 56.3% year over year from 9 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 871.0 million yuan, a gain of 58.6% from 549.3 million yuan in the prior-year period.

The normalized profit margin fell to 1.0% from 1.7% in the year-earlier period.

Total revenue decreased 16.9% year over year to 27.07 billion yuan from 32.59 billion yuan, and total operating expenses fell 16.8% on an annual basis to 25.88 billion yuan from 31.10 billion yuan.

Reported net income grew 10.0% on an annual basis to 1.71 billion yuan, or 26 fen per share, from 1.55 billion yuan, or 25 fen per share.

For the year, the company's normalized net income totaled 1.31 yuan per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.83 yuan.

EPS rose 7.8% from 1.22 yuan in the prior year.

Normalized net income was 8.37 billion yuan, an increase of 8.7% from 7.70 billion yuan in the prior year.

Full-year total revenue fell on an annual basis to 138.45 billion yuan from 141.68 billion yuan, and total operating expenses decreased on an annual basis to 125.82 billion yuan from 129.05 billion yuan.

The company said reported net income rose 21.1% on an annual basis to 12.72 billion yuan, or 1.99 yuan per share, in the full year, from 10.51 billion yuan, or 1.66 yuan per share.

As of March 25, US$1 was equivalent to 6.51 yuan.