Metro Holdings Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was S$7.7 million, a decrease of 75.1% from S$31.1 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 18.1% from 88.8% in the year-earlier period.

Total revenue climbed 19.1% year over year to S$41.7 million from S$35.0 million, and total operating expenses rose 24.3% on an annual basis to S$41.8 million from S$33.6 million.

Reported net income decreased 81.8% from the prior-year period to S$8.0 million, or 1 cents per share, from S$43.8 million, or 5 cents per share.

For the year, the company's normalized net income totaled 12 cents per share, an increase of 69.4% from 7 cents per share in the prior year.

Normalized net income was S$98.9 million, a rise of 69.4% from S$58.4 million in the prior year.

Full-year total revenue rose on an annual basis to S$145.8 million from S$139.2 million, and total operating expenses rose 13.2% year over year to S$162.1 million from S$143.2 million.

The company said reported net income rose 34.1% on an annual basis to S$143.3 million, or 17 cents per share, in the full year, from S$106.8 million, or 13 cents per share.

As of July 3, US$1 was equivalent to S$1.35.