Livestock Feeds PLC said its fourth-quarter normalized net income was a loss of 15.8 million nairas, compared with income of 100.7 million nairas 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 negative 0.6% from 4.1% in the year-earlier period.
Total revenue rose 5.6% year over year to 2.59 billion nairas from 2.45 billion nairas, and total operating expenses climbed 11.1% year over year to 2.54 billion nairas from 2.28 billion nairas.
Reported net income fell 16.3% year over year to 75.8 million nairas, or 4 kobo per share, from 90.6 million nairas, or 5 kobo per share.
For the year, the company's normalized net income totaled 5 kobo per share, a decline of 58.0% from 13 kobo per share in the prior year.
Normalized net income was 105.8 million nairas, a decrease of 58.0% from 251.9 million nairas in the prior year.
Full-year total revenue grew 13.3% on an annual basis to 8.96 billion nairas from 7.91 billion nairas, and total operating expenses grew 13.9% on an annual basis to 8.32 billion nairas from 7.30 billion nairas.
The company said reported net income declined 26.0% on an annual basis to 188.0 million nairas, or 9 kobo per share, in the full year, from 254.2 million nairas, or 13 kobo per share.
As of March 30, US$1 was equivalent to 199.20 nairas.