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Chongqing Sokon Q4 profit falls YOY

Chongqing Sokon Industry Group Stock Co. Ltd. said its normalized net income for the fourth quarter amounted to 5 fen per share, a decrease of 49.8% from 10 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 44.2 million yuan, a decline of 45.9% from 81.8 million yuan in the year-earlier period.

The normalized profit margin dropped to 0.6% from 1.4% in the year-earlier period.

Total revenue grew 23.9% on an annual basis to 7.42 billion yuan from 5.99 billion yuan, and total operating expenses grew 23.8% on an annual basis to 7.06 billion yuan from 5.70 billion yuan.

Reported net income grew 5.2% year over year to 234.5 million yuan, or 26 fen per share, from 223.0 million yuan, or 27 fen per share.

For the year, the company's normalized net income totaled 52 fen per share, a gain of 40.5% from 37 fen per share in the prior year.

Normalized net income was 461.5 million yuan, a rise of 54.2% from 299.2 million yuan in the prior year.

Full-year total revenue grew 35.5% on an annual basis to 21.93 billion yuan from 16.19 billion yuan, and total operating expenses rose 32.7% year over year to 20.58 billion yuan from 15.50 billion yuan.

The company said reported net income increased 41.1% year over year to 724.8 million yuan, or 81 fen per share, in the full year, from 513.5 million yuan, or 63 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.