PT Matahari Putra Prima Tbk said its fourth-quarter normalized net income was a loss of 8.84 rupiah per share, compared with 20.65 rupiah 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 47.54 billion rupiah, compared with income of 111.06 billion rupiah in the prior-year period.

The normalized profit margin dropped to negative 1.1% from 3.1% in the year-earlier period.

Total revenue fell on an annual basis to 3.481 trillion rupiah from 3.529 trillion rupiah, and total operating expenses rose 5.4% on an annual basis to 3.534 trillion rupiah from 3.353 trillion rupiah.

Reported net income totaled a loss of 62.67 billion rupiah, or a loss of 11.65 rupiah per share, compared to income of 200.06 billion rupiah, or 37.20 rupiah per share, in the prior-year period.

For the year, the company's normalized net income totaled 28.71 rupiah per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 80.59 rupiah.

EPS declined 61.9% from 75.33 rupiah in the prior year.

Normalized net income was 154.39 billion rupiah, a decline of 61.9% from 405.15 billion rupiah in the prior year.

Full-year total revenue rose from the prior-year period to 13.929 trillion rupiah from 13.590 trillion rupiah, and total operating expenses increased 5.3% year over year to 13.646 trillion rupiah from 12.960 trillion rupiah.

The company said reported net income fell 67.0% on an annual basis to 183.00 billion rupiah, or 34.03 rupiah per share, in the full year, from 554.02 billion rupiah, or 103.02 rupiah per share.

As of March 23, US$1 was equivalent to 13,217.50 rupiah.