São Paulo Turismo SA said its normalized net income for the fourth quarter came to a loss of 79 Brazilian centavos per share, compared with 1.95 reais per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.1 million reais, compared with income of 10.1 million reais in the prior-year period.

The normalized profit margin fell to negative 5.7% from 11.7% in the year-earlier period.

Total revenue decreased 17.0% year over year to 71.8 million reais from 86.4 million reais, and total operating expenses rose 16.8% year over year to 80.0 million reais from 68.5 million reais.

Reported net income totaled a loss of 6.5 million reais, or a loss of 1.26 reais per share, compared to income of 16.3 million reais, or 3.15 reais per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1.53 reais per share, compared with 60 centavos per share in the prior year.

Normalized net income was a loss of 7.6 million reais, compared with income of 3.0 million reais in the prior year.

Full-year total revenue amounted to 194.6 million reais, compared with 195.6 million reais in the prior year, and total operating expenses rose 11.2% on an annual basis to 206.1 million reais from 185.4 million reais.

The company said reported net income came to a loss of 13.2 million reais, or a loss of 2.66 reais per share, in the full year, compared with income of 4.9 million reais, or 99 centavos per share, the prior year.

As of March 30, US$1 was equivalent to 3.60 reais.