PT Asia Pacific Fibers Tbk said its normalized net income for the fourth quarter came to a loss of $7.6 million, compared with a loss of $30.1 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 9.0% from negative 26.6% in the year-earlier period.

Total revenue decreased 25.1% year over year to $84.6 million from $112.9 million, and total operating expenses fell 28.5% on an annual basis to $91.7 million from $128.2 million.

Reported net income came to a loss of $16.2 million, or a loss of 1 cents per share, compared to a loss of $44.9 million, or a loss of 26 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $8.3 million, compared with a loss of $-53.3 million in the prior year.

Full-year total revenue decreased 21.8% year over year to $388.4 million from $496.8 million, and total operating expenses declined 24.5% year over year to $407.1 million from $539.2 million.

The company said reported net income totaled a loss of $17.8 million, or a loss of 1 cents per share, in the full year, compared with a loss of $79.8 million, or a loss of 3 cents per share, the prior year.