Three-A Resources Bhd. said its fourth-quarter normalized net income was 2.7 million ringgits, a decrease of 38.2% from 4.4 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 2.9% from 5.7% in the year-earlier period.

Total revenue rose 21.5% year over year to 93.9 million ringgits from 77.3 million ringgits, and total operating expenses rose 30.5% year over year to 91.2 million ringgits from 69.9 million ringgits.

Reported net income declined 35.1% on an annual basis to 3.1 million ringgits, or 1 sen per share, from 4.7 million ringgits, or 1 sen per share.

For the year, the company's normalized net income totaled 4 sen per share, an increase of 15.5% from 3 sen per share in the prior year.

Normalized net income was 19.0 million ringgits, an increase of 15.6% from 16.4 million ringgits in the prior year.

Full-year total revenue increased 13.2% year over year to 352.4 million ringgits from 311.4 million ringgits, and total operating expenses grew 14.1% year over year to 318.6 million ringgits from 279.2 million ringgits.

The company said reported net income increased 10.3% on an annual basis to 20.1 million ringgits, or 4 sen per share, in the full year, from 18.2 million ringgits, or 4 sen per share.

As of April 12, US$1 was equivalent to 3.88 ringgits.