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Harbin VITI Q4 profit climbs YOY

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Harbin VITI Q4 profit climbs YOY

Harbin VITI Electronics Co. Ltd. said its fourth-quarter normalized net income amounted to 6 fen per share, an increase from 2 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 20.1 million yuan, an increase from 5.3 million yuan in the year-earlier period.

The normalized profit margin rose to 27.1% from 9.1% in the year-earlier period.

Total revenue increased 26.8% on an annual basis to 74.0 million yuan from 58.4 million yuan, and total operating expenses rose 6.6% year over year to 49.3 million yuan from 46.2 million yuan.

Reported net income increased 42.4% on an annual basis to 27.1 million yuan, or 7 fen per share, from 19.0 million yuan, or 7 fen per share.

For the year, the company's normalized net income totaled 17 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 26 fen.

EPS declined 13.0% from 20 fen in the prior year.

Normalized net income was 56.6 million yuan, a rise of 7.5% from 52.6 million yuan in the prior year.

Full-year total revenue totaled 203.2 million yuan, compared with 202.6 million yuan in the prior year, and total operating expenses decreased year over year to 130.3 million yuan from 133.0 million yuan.

The company said reported net income declined 5.4% on an annual basis to 80.0 million yuan, or 24 fen per share, in the full year, from 84.5 million yuan, or 31 fen per share.

As of April 13, US$1 was equivalent to 6.47 yuan.