Tri Ocean Textile Co. Ltd. said its fourth-quarter normalized net income was a loss of 33 Taiwan cents per share, compared with a loss of 24 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 a loss of NT$13.1 million, compared with a loss of NT$9.5 million in the year-earlier period.

The normalized profit margin declined to negative 8.0% from negative 4.7% in the year-earlier period.

Total revenue declined 19.5% on an annual basis to NT$162.9 million from NT$202.4 million, and total operating expenses fell 16.4% on an annual basis to NT$183.0 million from NT$218.8 million.

Reported net income came to a loss of NT$18.0 million, or a loss of 45 cents per share, compared to a loss of NT$16.2 million, or a loss of 41 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of NT$1.25 per share, compared with a loss of NT$1.16 per share in the prior year.

Normalized net income was a loss of NT$50.0 million, compared with a loss of NT$45.2 million in the prior year.

Full-year total revenue fell 23.4% on an annual basis to NT$752.0 million from NT$981.6 million, and total operating expenses declined 21.7% year over year to NT$825.0 million from NT$1.05 billion.

The company said reported net income totaled a loss of NT$35.4 million, or a loss of 89 cents per share, in the full year, compared with a loss of NT$61.8 million, or a loss of NT$1.59 per share, the prior year.

As of March 29, US$1 was equivalent to NT$32.58.