Noah CEO Discusses F4Q10 Results - Earnings Call Transcript
For the full fiscal year, G&A expenses were up almost 57% to RMB91.8 million due to increase in staff cost, professional fees associated with our M&A activity and real estate and other business taxes. It is important to note that our fourth quarter and full year 2010 expenses included the operating cost associated with the LNS business, which were not presented in the 2009 comparable. Excluding LNS, the full year increase in G&A expenses were 31%.
Net loss for the fourth quarter was RMB83.6 million or RMB2.19 and RMB2.15 for basic and diluted share respectively compared to net income of RMB17.9 million in year ago period. Net income for the full year was RMB5.7 million or RMB0.15 and RMB0.14 respectively down from RMB97 million in fiscal 2009.
Despite the operational challenges in our ELP business this quarter which impacted our financial results. We remain well-funded and fundamentally strong with cash and cash equivalents, short-term bank deposits and investments of RMB572.2 million as of June 30, 2010. This compares with cash and cash equivalents, short-term bank deposits and investments of RMB714 million as of March 31, 2010.
This sound cash position, enable us to continue to pursue our objective of organic and acquisitive growth even as we work through our recovery period of the ELP business. In addition, it provide us with the flexibility to return value to our shareholder to our share repurchase program pursuant to the share repurchase program authorized by the Board of Directors in May 2010.As of June 30, 2010, we have repurchased 737,900 ADS on the open market, representing a consideration of US$3 million. This program reflects our confidence in our long-term outlook and valuation potential. And we will continue executing purchasing shares as allowed under the open trading window. I will now turn the call over to Jerry, who will talk about our strategy and operational programs in a bit more detail.
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