PT Sri Rejeki Isman Tbk said its fourth-quarter normalized net income amounted to $13.2 million, a decline of 33.9% from $19.9 million in the year-earlier period.

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

The normalized profit margin dropped to 8.4% from 12.3% in the year-earlier period.

Total revenue decreased on an annual basis to $156.1 million from $161.8 million, and total operating expenses climbed on an annual basis to $129.8 million from $128.1 million.

Reported net income decreased 17.0% from the prior-year period to $17.4 million, or 0 cents per share, from $20.9 million, or 0 cents per share.

For the year, the company's normalized net income totaled $40.4 million, a decline from $41.2 million in the prior year.

Full-year total revenue grew 12.1% from the prior-year period to $622.0 million from $554.6 million, and total operating expenses rose 13.9% year over year to $522.9 million from $459.0 million.

The company said reported net income rose 10.3% year over year to $55.7 million, or 0 cents per share, in the full year, from $50.5 million, or 0 cents per share.