QAF Ltd. said its normalized net income for the fourth quarter amounted to 2 Singapore cents per share, an increase of 16.9% 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$13.3 million, an increase of 18.9% from S$11.2 million in the year-earlier period.
The normalized profit margin rose to 5.4% from 4.1% in the year-earlier period.
Total revenue decreased 9.0% year over year to S$246.2 million from S$270.6 million, and total operating expenses decreased 10.2% from the prior-year period to S$225.9 million from S$251.7 million.
Reported net income grew 11.5% year over year to S$16.6 million, or 3 cents per share, from S$14.9 million, or 3 cents per share.
For the year, the company's normalized net income totaled 7 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 9 cents.
EPS rose 16.2% from 6 cents in the prior year.
Normalized net income was S$40.8 million, a rise of 17.7% from S$34.6 million in the prior year.
Full-year total revenue declined year over year to S$998.3 million from S$1.02 billion, and total operating expenses decreased year over year to S$926.9 million from S$962.0 million.
The company said reported net income grew 16.1% on an annual basis to S$52.4 million, or 9 cents per share, in the full year, from S$45.2 million, or 8 cents per share.
As of April 12, US$1 was equivalent to S$1.35.