Union Tobacco & Cigarette Industries Co. PLC said its fourth-quarter normalized net income came to a loss of 145,550 dinars, compared with a loss of 468,880 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 2.9% from negative 4.2% in the year-earlier period.

Total revenue fell 55.2% on an annual basis to 5.0 million dinars from 11.2 million dinars, and total operating expenses fell 58.6% on an annual basis to 4.8 million dinars from 11.6 million dinars.

Reported net income totaled a loss of 117,300 dinars, or a loss of 1 fils per share, compared to a loss of 703,910 dinars, or a loss of 5 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 531,540 dinars, compared with a loss of -20,770 dinars in the prior year.

Full-year total revenue decreased 32.8% from the prior-year period to 32.4 million dinars from 48.2 million dinars, and total operating expenses declined 32.1% on an annual basis to 32.5 million dinars from 47.9 million dinars.

The company said reported net income came to a loss of 424,550 dinars, or a loss of 3 fils per share, in the full year, compared with income of 17,350 dinars, or 0 fils per share, the prior year.

As of Feb. 26, US$1 was equivalent to 71 Jordanian fils.