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Hagar hf fiscal Q4 profit falls YOY

Hagar hf said its normalized net income for the fiscal fourth quarter ended Feb. 28 amounted to 65 aurar per share, a decline of 10.1% from 73 aurar per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 766.9 million kronur, a decline of 10.5% from 856.9 million kronur in the prior-year period.

The normalized profit margin dropped to 3.8% from 4.2% in the year-earlier period.

Total revenue came to 20.38 billion kronur, compared with 20.37 billion kronur in the prior-year period, and total operating expenses rose on an annual basis to 19.13 billion kronur from 18.94 billion kronur.

Reported net income fell 16.1% year over year to 990.0 million kronur, or 84 aurar per share, from 1.18 billion kronur, or 1.00 kronur per share.

For the year, the company's normalized net income totaled 2.55 kronur per share, a fall from 2.58 kronur per share in the prior year.

Normalized net income was 2.99 billion kronur, a fall from 3.03 billion kronur in the prior year.

Full-year total revenue rose from the prior-year period to 77.14 billion kronur from 76.16 billion kronur, and total operating expenses increased on an annual basis to 72.21 billion kronur from 70.98 billion kronur.

The company said reported net income declined year over year to 3.84 billion kronur, or 3.27 kronur per share, in the full year, from 3.95 billion kronur, or 3.37 kronur per share.

As of May 13, US$1 was equivalent to 130.68 Icelandic kronur.