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Giti Tire Q4 profit falls YOY

Giti Tire Corp. said its normalized net income for the fourth quarter was 6 fen per share, a decline of 32.6% from 9 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.1 million yuan, a decline of 27.5% from 27.7 million yuan in the year-earlier period.

The normalized profit margin increased to 3.1% from 2.6% in the year-earlier period.

Total revenue declined 35.6% year over year to 686.1 million yuan from 1.07 billion yuan, and total operating expenses declined 33.6% year over year to 599.1 million yuan from 902.6 million yuan.

Reported net income decreased 35.2% from the prior-year period to 33.6 million yuan, or 10 fen per share, from 51.9 million yuan, or 16 fen per share.

For the year, the company's normalized net income totaled 39 fen per share, compared with 39 fen per share in the prior year.

Normalized net income was 133.7 million yuan, compared with 132.5 million yuan in the prior year.

Full-year total revenue decreased 20.5% from the prior-year period to 3.17 billion yuan from 3.99 billion yuan, and total operating expenses declined 21.7% year over year to 2.64 billion yuan from 3.37 billion yuan.

The company said reported net income fell year over year to 202.3 million yuan, or 60 fen per share, in the full year, from 209.1 million yuan, or 62 fen per share.

As of April 11, US$1 was equivalent to 6.46 yuan.