A&W Revenue Royalties Income Fund said its fourth-quarter normalized net income was 36 Canadian cents per share, an increase of 49.4% from 24 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$4.4 million, a gain of 26.6% from C$3.5 million in the year-earlier period.

The normalized profit margin climbed to 42.1% from 36.3% in the year-earlier period.

Total revenue climbed 9.3% year over year to C$10.4 million from C$9.6 million, and total operating expenses declined 65.3% from the prior-year period to C$117,000 from C$337,000.

Reported net income rose 28.0% from the prior-year period to C$6.2 million, or 51 cents per share, from C$4.8 million, or 34 cents per share.

For the year, the company's normalized net income totaled C$1.03 per share, an increase of 19.2% from 87 cents per share in the prior year.

Normalized net income was C$12.5 million, a rise of 19.2% from C$10.5 million in the prior year.

Full-year total revenue rose 10.8% year over year to C$31.8 million from C$28.7 million, and total operating expenses fell 28.4% year over year to C$558,000 from C$779,000.

The company said reported net income increased 20.9% on an annual basis to C$17.4 million, or C$1.43 per share, in the full year, from C$14.4 million, or C$1.19 per share.