IJM Plantations Bhd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 5.9 million ringgits, compared with income of 43.0 million ringgits in the prior-year period.

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

The normalized profit margin dropped to negative 4.4% from 22.9% in the year-earlier period.

Total revenue decreased 29.4% on an annual basis to 132.8 million ringgits from 188.0 million ringgits, and total operating expenses declined 15.0% from the prior-year period to 128.8 million ringgits from 151.6 million ringgits.

Reported net income fell 80.8% year over year to 10.1 million ringgits, or 1 sen per share, from 52.5 million ringgits, or 6 sen per share.

For the year, the company's normalized net income totaled 8 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 15 sen.

EPS declined 15.7% from 9 sen in the prior year.

Normalized net income was 63.9 million ringgits, a decline of 13.2% from 73.6 million ringgits in the prior year.

Full-year total revenue increased on an annual basis to 667.7 million ringgits from 647.0 million ringgits, and total operating expenses rose year over year to 526.9 million ringgits from 519.6 million ringgits.

The company said reported net income rose on an annual basis to 90.4 million ringgits, or 11 sen per share, in the full year, from 88.7 million ringgits, or 11 sen per share.

As of July 30, US$1 was equivalent to 3.82 ringgits.