Hortifrut SA said its fourth-quarter normalized net income was $2.3 million, a decrease of 39.2% from $3.8 million in the prior-year period.

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

The normalized profit margin increased to 4.1% from 3.5% in the year-earlier period.

Total revenue increased 7.0% year over year to $117.4 million from $109.7 million, and total operating expenses increased 8.8% from the prior-year period to $108.2 million from $99.5 million.

Reported net income increased 13.4% on an annual basis to $10.5 million, or 2 cents per share, from $9.3 million, or 2 cents per share.

For the year, the company's normalized net income totaled 3 cents per share, an increase of 19.5% from 2 cents per share in the prior year.

Normalized net income was $12.3 million, a rise of 19.5% from $10.3 million in the prior year.

Full-year total revenue grew on an annual basis to $348.9 million from $333.6 million, and total operating expenses rose year over year to $314.2 million from $301.8 million.

The company said reported net income grew 12.6% year over year to $19.9 million, or 5 cents per share, in the full year, from $17.7 million, or 4 cents per share.