Pan Malaysia Corp. Bhd. said its fourth-quarter normalized net income was 1.3 million ringgits, a gain of 46.8% from 867,500 ringgits in the prior-year period.

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

The normalized profit margin rose to 5.1% from 3.8% in the year-earlier period.

Total revenue climbed 8.9% year over year to 24.9 million ringgits from 22.9 million ringgits, and total operating expenses grew 20.9% year over year to 23.1 million ringgits from 19.1 million ringgits.

Reported net income totaled a loss of 170,000 ringgits, or a loss of 0 sen per share, compared to income of 1.1 million ringgits, or 0 sen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.1 million ringgits, a decrease of 27.1% from 1.6 million ringgits in the prior year.

Full-year total revenue grew 6.1% on an annual basis to 75.1 million ringgits from 70.8 million ringgits, and total operating expenses rose 9.2% year over year to 73.9 million ringgits from 67.7 million ringgits.

The company said reported net income increased year over year to 8.2 million ringgits, or 1 sen per share, in the full year, from 2.2 million ringgits, or 0 sen per share.

As of Feb. 23, US$1 was equivalent to 4.22 ringgits.