Nigerian Breweries PLC said its normalized net income for the fourth quarter was 1.36 nairas per share, a decrease of 13.1% from 1.56 nairas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.59 billion nairas, a decline of 10.3% from 11.80 billion nairas in the prior-year period.

The normalized profit margin fell to 13.4% from 16.5% in the year-earlier period.

Total revenue increased 10.3% on an annual basis to 78.99 billion nairas from 71.63 billion nairas, and total operating expenses rose 16.3% from the prior-year period to 59.81 billion nairas from 51.45 billion nairas.

Reported net income fell 6.2% on an annual basis to 11.91 billion nairas, or 1.52 nairas per share, from 12.71 billion nairas, or 1.68 nairas per share.

For the year, the company's normalized net income totaled 4.31 nairas per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 5.47 nairas.

EPS declined 15.1% from 5.08 nairas in the prior year.

Normalized net income was 34.07 billion nairas, a decrease of 11.3% from 38.41 billion nairas in the prior year.

Full-year total revenue rose 10.3% on an annual basis to 293.91 billion nairas from 266.37 billion nairas, and total operating expenses grew 16.0% year over year to 233.04 billion nairas from 200.86 billion nairas.

The company said reported net income fell 10.4% year over year to 38.08 billion nairas, or 4.82 nairas per share, in the full year, from 42.50 billion nairas, or 5.62 nairas per share.

As of Feb. 10, US$1 was equivalent to 198.89 nairas.