JHM Development SA said its fourth-quarter normalized net income was 4 groszy per share, a gain of 55.1% from 3 groszy per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.9 million zlotys, an increase from 1.2 million zlotys in the prior-year period.

The normalized profit margin increased to 12.1% from 5.3% in the year-earlier period.

Total revenue grew 6.4% year over year to 23.7 million zlotys from 22.2 million zlotys, and total operating expenses fell 6.0% from the prior-year period to 18.4 million zlotys from 19.6 million zlotys.

Reported net income decreased 33.9% year over year to 1.2 million zlotys, or 2 groszy per share, from 1.8 million zlotys, or 4 groszy per share.

For the year, the company's normalized net income totaled 12 groszy per share, a decrease of 30.3% from 18 groszy per share in the prior year.

Normalized net income was 8.5 million zlotys, a rise of 61.0% from 5.3 million zlotys in the prior year.

Full-year total revenue declined 5.3% on an annual basis to 83.3 million zlotys from 88.0 million zlotys, and total operating expenses declined 9.9% on an annual basis to 67.9 million zlotys from 75.4 million zlotys.

The company said reported net income rose 8.8% on an annual basis to 7.4 million zlotys, or 11 groszy per share, in the full year, from 6.8 million zlotys, or 23 groszy per share.

As of March 11, US$1 was equivalent to 3.85 zlotys.