Vitafoam Nigeria PLC said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2016, amounted to 2.3 million nairas, compared with a loss of 132.5 million nairas in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to 4.4% from negative 4.4% in the year-earlier period.
Total revenue decreased 14.4% on an annual basis to 2.58 billion nairas from 3.01 billion nairas, and total operating expenses decreased 23.8% from the prior-year period to 2.41 billion nairas from 3.16 billion nairas.
Reported net income totaled 60.4 million nairas, or 6 kobo per share, compared to a loss of 323.8 million nairas, or a loss of 29 kobo per share, in the prior-year period.
For the year, the company's normalized net income totaled 3 kobo per share, a decline of 79.4% from 15 kobo per share in the prior year.
Normalized net income was 30.9 million nairas, a fall of 78.7% from 145.5 million nairas in the prior year.
Full-year total revenue declined 19.5% from the prior-year period to 13.57 billion nairas from 16.85 billion nairas, and total operating expenses fell 20.1% year over year to 12.72 billion nairas from 15.93 billion nairas.
The company said reported net income came to a loss of 39.3 million nairas, or a loss of 4 kobo per share, in the full year, compared with a loss of 36.7 million nairas, or a loss of 4 kobo per share, the prior year.
As of Jan. 3, US$1 was equivalent to 314.25 nairas.