Coltejer SA said its fourth-quarter normalized net income was a loss of 13.85 Colombian pesos per share, compared with a loss of 40.45 pesos 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 969.4 million pesos, compared with a loss of 2.80 billion pesos in the year-earlier period.

The normalized profit margin climbed to negative 4.2% from negative 5.0% in the year-earlier period.

Total revenue fell 13.9% on an annual basis to 48.41 billion pesos from 56.23 billion pesos, and total operating expenses decreased 23.2% from the prior-year period to 45.55 billion pesos from 59.29 billion pesos.

Reported net income totaled 10.13 billion pesos, or 144.66 pesos per share, compared to a loss of 7.63 billion pesos, or a loss of 110.14 pesos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 28.85 pesos per share, compared with a loss of 191.30 pesos per share in the prior year.

Normalized net income was a loss of 2.02 billion pesos, compared with a loss of 13.36 billion pesos in the prior year.

Full-year total revenue declined year over year to 236.50 billion pesos from 241.03 billion pesos, and total operating expenses fell 10.1% on an annual basis to 219.45 billion pesos from 244.11 billion pesos.

The company said reported net income came to 7.58 billion pesos, or 108.33 pesos per share, in the full year, compared with a loss of 25.74 billion pesos, or a loss of 368.67 pesos per share, the prior year.

As of March 14, US$1 was equivalent to 3,175.95 Colombian pesos.