CVC Brasil Operadora e Agência de Viagens SA said its fourth-quarter normalized net income amounted to 42 Brazilian centavos per share, an increase from 40 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 57.1 million reais, an increase of 5.7% from 54.0 million reais in the year-earlier period.

The normalized profit margin dropped to 20.6% from 24.5% in the year-earlier period.

Total revenue climbed 28.5% on an annual basis to 283.3 million reais from 220.5 million reais, and total operating expenses rose 37.2% on an annual basis to 151.2 million reais from 110.2 million reais.

Reported net income grew 8.9% year over year to 64.8 million reais, or 48 centavos per share, from 59.6 million reais, or 44 centavos per share.

For the year, the company's normalized net income totaled 1.23 reais per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.22 reais.

EPS rose 16.6% from 1.05 reais in the prior year.

Normalized net income was 166.1 million reais, an increase of 18.0% from 140.8 million reais in the prior year.

Full-year total revenue grew 23.4% from the prior-year period to 881.9 million reais from 714.5 million reais, and total operating expenses increased 26.2% on an annual basis to 492.7 million reais from 390.5 million reais.

The company said reported net income increased 17.5% year over year to 171.2 million reais, or 1.27 reais per share, in the full year, from 145.7 million reais, or 1.09 reais per share.

As of Feb. 18, US$1 was equivalent to 4.02 reais.