First Hotel Co. Ltd. said its normalized net income for the fourth quarter was 9 Taiwan cents per share, a decrease from 9 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$43.7 million, a decrease from NT$45.9 million in the year-earlier period.

The normalized profit margin increased to 49.5% from 48.8% in the year-earlier period.

Total revenue fell 5.9% on an annual basis to NT$88.4 million from NT$94.0 million, and total operating expenses decreased 22.0% on an annual basis to NT$31.3 million from NT$40.2 million.

Reported net income declined 13.2% from the prior-year period to NT$58.1 million, or 12 cents per share, from NT$66.9 million, or 14 cents per share.

For the year, the company's normalized net income totaled 70 cents per share, an increase of 17.5% from 60 cents per share in the prior year.

Normalized net income was NT$341.6 million, a gain of 17.5% from NT$290.6 million in the prior year.

Full-year total revenue fell on an annual basis to NT$362.9 million from NT$369.0 million, and total operating expenses fell 12.6% year over year to NT$134.3 million from NT$153.5 million.

The company said reported net income rose 15.7% year over year to NT$458.3 million, or 94 cents per share, in the full year, from NT$396.2 million, or 81 cents per share.

As of March 28, US$1 was equivalent to NT$32.62.