San Teh Ltd. said its normalized net income for the fourth quarter was a loss of S$3.0 million, compared with income of S$900,880 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 118.6% from 9.4% in the year-earlier period.

Total revenue fell 93.4% on an annual basis to S$638,000 from S$9.6 million, and total operating expenses declined 37.9% from the prior-year period to S$6.5 million from S$10.5 million.

Reported net income totaled a loss of S$7.8 million, or a loss of 2 cents per share, compared to a loss of S$257,740, or a loss of 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled S$2.6 million, compared with a loss of S$-1.6 million in the prior year.

Full-year total revenue fell 50.9% year over year to S$20.2 million from S$41.1 million, and total operating expenses declined 40.9% on an annual basis to S$27.9 million from S$47.3 million.

The company said reported net income totaled a loss of S$7.5 million, or a loss of 2 cents per share, in the full year, compared with a loss of S$3.8 million, or a loss of 1 cents per share, the prior year.

As of April 13, US$1 was equivalent to S$1.35.