Merida Industry Co. Ltd. said its normalized net income for the fourth quarter came to NT$1.61 per share, compared with the S&P Capital IQ consensus estimate of NT$2.56 per share.

EPS fell 29.9% year over year from NT$2.29.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$484.2 million, a decrease of 30.0% from NT$692.1 million in the year-earlier period.

The normalized profit margin dropped to 7.6% from 9.8% in the year-earlier period.

Total revenue declined 9.9% on an annual basis to NT$6.36 billion from NT$7.06 billion, and total operating expenses fell 9.0% from the prior-year period to NT$5.84 billion from NT$6.42 billion.

Reported net income fell 31.2% year over year to NT$638.7 million, or NT$2.12 per share, from NT$928.9 million, or NT$3.08 per share.

For the year, the company's normalized net income totaled NT$7.94 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$10.56.

EPS declined 9.1% from NT$8.73 in the prior year.

Normalized net income was NT$2.39 billion, a decrease of 9.1% from NT$2.63 billion in the prior year.

Full-year total revenue increased on an annual basis to NT$28.09 billion from NT$27.22 billion, and total operating expenses grew on an annual basis to NT$25.27 billion from NT$24.56 billion.

The company said reported net income decreased 9.3% year over year to NT$3.04 billion, or NT$10.10 per share, in the full year, from NT$3.35 billion, or NT$11.13 per share.

As of March 30, US$1 was equivalent to NT$32.18.