S.C. Bermas SA said its fourth-quarter normalized net income amounted to a loss of 3 Romanian bani per share, compared with a loss of 2 bani per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 637,300 lei, compared with a loss of 402,480 lei in the year-earlier period.

The normalized profit margin fell to negative 21.6% from negative 13.2% in the year-earlier period.

Total revenue declined on an annual basis to 3.0 million lei from 3.0 million lei, and total operating expenses grew 9.0% on an annual basis to 3.8 million lei from 3.5 million lei.

Reported net income came to a loss of 879,710 lei, or a loss of 4 bani per share, compared to a loss of 575,130 lei, or a loss of 3 bani per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5 bani per share, a gain of 64.6% from 3 bani per share in the prior year.

Normalized net income was 1.1 million lei, a rise of 64.6% from 692,940 lei in the prior year.

Full-year total revenue rose from the prior-year period to 24.4 million lei from 23.9 million lei, and total operating expenses came to 21.6 million lei, compared with 21.8 million lei in the prior-year period.

The company said reported net income rose 66.8% year over year to 1.6 million lei, or 7 bani per share, in the full year, from 932,520 lei, or 4 bani per share.

As of April 8, US$1 was equivalent to 3.92 Romanian lei.