TGLT SA said its fourth-quarter normalized net income amounted to a loss of 45 Argentine centavos per share, compared with a loss of 12 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 31.6 million pesos, compared with a loss of 8.4 million pesos in the prior-year period.

The normalized profit margin dropped to negative 34.3% from negative 7.3% in the year-earlier period.

Total revenue rose 62.2% year over year to 186.7 million pesos from 115.1 million pesos, and total operating expenses increased 50.5% year over year to 208.5 million pesos from 138.5 million pesos.

Reported net income totaled a loss of 46.4 million pesos, or a loss of 66 centavos per share, compared to a loss of 20.4 million pesos, or a loss of 29 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 69 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.60 pesos.

EPS was a loss of 51 centavos in the prior year.

Normalized net income was a loss of 48.3 million pesos, compared with a loss of 35.7 million pesos in the prior year.

Full-year total revenue grew 99.6% on an annual basis to 829.0 million pesos from 415.4 million pesos, and total operating expenses increased 78.8% year over year to 815.1 million pesos from 455.7 million pesos.

The company said reported net income came to a loss of 45.0 million pesos, or a loss of 64 centavos per share, in the full year, compared with a loss of 19.0 million pesos, or a loss of 27 centavos per share, the prior year.

As of March 9, US$1 was equivalent to 15.32 Argentine pesos.