Hour Glass Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 2 Singapore cents per share, a gain of 10.5% from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$17.2 million, a gain of 10.5% from S$15.6 million in the year-earlier period.

The normalized profit margin dropped to 7.6% from 8.3% in the year-earlier period.

Total revenue climbed 20.1% year over year to S$226.7 million from S$188.8 million, and total operating expenses climbed 22.3% from the prior-year period to S$201.3 million from S$164.6 million.

Reported net income totaled S$23.0 million, or 3 cents per share, compared to S$22.9 million, or 3 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 6 cents per share, a gain of 8.9% from 6 cents per share in the prior year.

Normalized net income was S$44.5 million, an increase of 8.9% from S$40.9 million in the prior year.

Full-year total revenue increased 7.7% on an annual basis to S$735.6 million from S$683.3 million, and total operating expenses increased 8.1% year over year to S$669.3 million from S$619.1 million.

The company said reported net income increased 5.5% year over year to S$57.9 million, or 8 cents per share, in the full year, from S$54.9 million, or 8 cents per share.

As of June 29, US$1 was equivalent to S$1.35.