S.C. Turism Felix SA said its fourth-quarter normalized net income amounted to a loss of 872,340 lei, compared with a loss of 526,780 lei in the year-earlier period.

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

The normalized profit margin dropped to negative 8.0% from negative 5.6% in the year-earlier period.

Total revenue grew 15.6% year over year to 10.9 million lei from 9.4 million lei, and total operating expenses climbed 19.6% on an annual basis to 12.3 million lei from 10.3 million lei.

Reported net income came to a loss of 1.2 million lei, or a loss of 0 bani per share, compared to a loss of 780,320 lei, or a loss of 0 bani per share, in the prior-year period.

For the year, the company's normalized net income totaled 3.4 million lei, a rise of 21.8% from 2.8 million lei in the prior year.

Full-year total revenue rose 12.2% year over year to 55.3 million lei from 49.3 million lei, and total operating expenses increased 11.3% year over year to 49.7 million lei from 44.7 million lei.

The company said reported net income rose 22.1% on an annual basis to 4.5 million lei, or 1 bani per share, in the full year, from 3.7 million lei, or 1 bani per share.

As of April 12, US$1 was equivalent to 3.93 Romanian lei.