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TianJin Motor Dies Q4 profit falls YOY

Tianjin Motor Dies Co.Ltd. said its normalized net income for the fourth quarter amounted to 3 fen per share, a decline of 51.0% from 6 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 22.6 million yuan, a decline of 51.6% from 46.7 million yuan in the year-earlier period.

The normalized profit margin declined to 2.8% from 7.4% in the year-earlier period.

Total revenue climbed 9.4% on an annual basis to 693.9 million yuan from 634.3 million yuan, and total operating expenses climbed 19.5% from the prior-year period to 654.3 million yuan from 547.7 million yuan.

Reported net income declined 18.6% from the prior-year period to 57.7 million yuan, or 7 fen per share, from 70.9 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 14 fen per share, a decline of 6.5% from 15 fen per share in the prior year.

Normalized net income was 113.0 million yuan, a fall of 7.8% from 122.5 million yuan in the prior year.

Full-year total revenue increased 21.2% year over year to 1.80 billion yuan from 1.49 billion yuan, and total operating expenses rose 27.9% year over year to 1.64 billion yuan from 1.28 billion yuan.

The company said reported net income totaled 164.2 million yuan, or 20 fen per share, in the full year, compared with 166.4 million yuan, or 20 fen per share, the prior year.

As of March 28, US$1 was equivalent to 6.48 yuan.