Reward Wool Industry Corp. said its normalized net income for the fourth quarter amounted to a loss of 5 Taiwan cents per share, compared with a loss of 2 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 a loss of NT$9.4 million, compared with a loss of NT$3.2 million in the prior-year period.

The normalized profit margin declined to negative 6.2% from negative 2.0% in the year-earlier period.

Total revenue fell 6.6% on an annual basis to NT$151.9 million from NT$162.6 million, and total operating expenses decreased 19.0% from the prior-year period to NT$132.9 million from NT$164.0 million.

Reported net income totaled a loss of NT$16.9 million, or a loss of 10 cents per share, compared to a loss of NT$9.5 million, or a loss of 5 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 12 cents per share, compared with a loss of 18 cents per share in the prior year.

Normalized net income was a loss of NT$20.0 million, compared with a loss of NT$31.9 million in the prior year.

Full-year total revenue fell 7.1% on an annual basis to NT$641.2 million from NT$689.9 million, and total operating expenses fell 16.4% on an annual basis to NT$619.4 million from NT$740.6 million.

The company said reported net income came to a loss of NT$36.0 million, or a loss of 21 cents per share, in the full year, compared with a loss of NT$74.6 million, or a loss of 43 cents per share, the prior year.

As of March 30, US$1 was equivalent to NT$32.18.