Jiangsu LiXing General Steel Ball Co. Ltd. said its normalized net income for the fourth quarter amounted to 4 fen per share, a decline of 39.0% from 7 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 4.7 million yuan, a decrease of 18.7% from 5.7 million yuan in the year-earlier period.

The normalized profit margin declined to 4.5% from 4.6% in the year-earlier period.

Total revenue declined year over year to 121.7 million yuan from 123.6 million yuan, and total operating expenses climbed on an annual basis to 109.8 million yuan from 105.1 million yuan.

Reported net income declined on an annual basis to 13.5 million yuan, or 12 fen per share, from 13.6 million yuan, or 16 fen per share.

For the year, the company's normalized net income totaled 33 fen per share, a fall of 17.4% from 40 fen per share in the prior year.

Normalized net income was 35.8 million yuan, an increase of 5.5% from 33.9 million yuan in the prior year.

Full-year total revenue grew on an annual basis to 478.1 million yuan from 471.0 million yuan, and total operating expenses grew on an annual basis to 418.4 million yuan from 402.1 million yuan.

The company said reported net income increased on an annual basis to 54.2 million yuan, or 50 fen per share, in the full year, from 52.4 million yuan, or 62 fen per share.

As of March 14, US$1 was equivalent to 6.50 yuan.