Vitafoam Nigeria PLC said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, was a loss of 3 kobo per share, compared with a loss of 32 kobo 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 28.4 million nairas, compared with a loss of 102.5 million nairas in the prior-year period.
The normalized profit margin declined to negative 4.4% from negative 3.0% in the year-earlier period.
Total revenue came to 3.34 billion nairas, compared with 3.37 billion nairas in the year-earlier period, and total operating expenses decreased year over year to 3.17 billion nairas from 3.22 billion nairas.
Reported net income came to a loss of 99.3 million nairas, or a loss of 9 kobo per share, compared to a loss of 43.5 million nairas, or a loss of 14 kobo per share, in the year-earlier period.
For the year, the company's normalized net income totaled 35 kobo per share, a decrease of 26.9% from 48 kobo per share in the prior year.
Normalized net income was 346.1 million nairas, a decrease of 26.9% from 473.4 million nairas in the prior year.
Full-year total revenue grew from the prior-year period to 17.19 billion nairas from 16.71 billion nairas, and total operating expenses increased year over year to 15.94 billion nairas from 15.32 billion nairas.
The company said reported net income declined 45.2% on an annual basis to 284.3 million nairas, or 29 kobo per share, in the full year, from 518.8 million nairas, or 53 kobo per share.
As of Feb. 19, US$1 was equivalent to 199.25 nairas.