First Resources Ltd. said its fourth-quarter normalized net income was 1 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS fell 52.8% year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.6 million, a decrease of 52.8% from $50.1 million in the year-earlier period.

The normalized profit margin declined to 15.6% from 28.3% in the year-earlier period.

Total revenue decreased 25.9% on an annual basis to $130.9 million from $176.7 million, and total operating expenses came to $88.9 million, compared with $89.7 million in the year-earlier period.

Reported net income declined 66.5% on an annual basis to $19.8 million, or 1 cents per share, from $59.2 million, or 4 cents per share.

For the year, the company's normalized net income totaled 6 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 8 cents.

EPS declined 34.0% from 9 cents in the prior year.

Normalized net income was $98.3 million, a decrease of 33.9% from $148.9 million in the prior year.

Full-year total revenue fell 26.3% year over year to $453.7 million from $615.5 million, and total operating expenses decreased 23.5% year over year to $265.0 million from $346.5 million.

The company said reported net income decreased 37.8% on an annual basis to $107.9 million, or 7 cents per share, in the full year, from $173.4 million, or 11 cents per share.