Tovarna olja Gea d.d. said its normalized net income for the fourth quarter amounted to 12 euro cents per share, compared with a loss of 9 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €134,650, compared with a loss of €108,360 in the prior-year period.

The normalized profit margin rose to 1.9% from negative 1.7% in the year-earlier period.

Total revenue grew 12.2% on an annual basis to €7.0 million from €6.2 million, and total operating expenses increased 5.8% on an annual basis to €6.8 million from €6.4 million.

Reported net income came to €222,590, or 20 cents per share, compared to a loss of €196,390, or a loss of 16 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 cents per share, a decrease of 93.0% from 22 cents per share in the prior year.

Normalized net income was €18,660, a fall of 93.0% from €264,710 in the prior year.

Full-year total revenue decreased 6.4% from the prior-year period to €25.5 million from €27.3 million, and total operating expenses decreased year over year to €25.6 million from €26.9 million.

The company said reported net income fell 84.6% on an annual basis to €36,250, or 3 cents per share, in the full year, from €235,000, or 19 cents per share.