Arab Dairy Products Co. LLC said its normalized net income for the fourth quarter came to a loss of 1 Egyptian piastres per share, compared with a loss of 24 piastres 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 678,350 pounds, compared with a loss of 14.4 million pounds in the prior-year period.

The normalized profit margin increased to negative 0.5% from negative 8.9% in the year-earlier period.

Total revenue decreased 14.6% year over year to 138.5 million pounds from 162.1 million pounds, and total operating expenses declined 23.8% year over year to 135.5 million pounds from 177.9 million pounds.

Reported net income totaled 128,850 pounds, or 0 piastres per share, compared to a loss of 16.6 million pounds, or a loss of 28 piastres per share, in the year-earlier period.

For the year, the company's normalized net income totaled 3 piastres per share, compared with a loss of 49 piastres per share in the prior year.

Normalized net income was 1.9 million pounds, compared with a loss of 29.7 million pounds in the prior year.

Full-year total revenue fell 14.4% year over year to 537.3 million pounds from 627.5 million pounds, and total operating expenses decreased 20.8% year over year to 515.9 million pounds from 651.5 million pounds.

The company said reported net income came to 5.0 million pounds, or 8 piastres per share, in the full year, compared with a loss of 40.7 million pounds, or a loss of 68 piastres per share, the prior year.

As of March 10, US$1 was equivalent to 7.83 Egyptian pounds.