AC SA said its fourth-quarter normalized net income was 46 groszy per share, a gain of 31.0% from 35 groszy per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.5 million zlotys, a gain of 29.8% from 3.4 million zlotys in the year-earlier period.

The normalized profit margin increased to 13.1% from 9.7% in the year-earlier period.

Total revenue fell year over year to 35.0 million zlotys from 35.5 million zlotys, and total operating expenses declined 8.3% from the prior-year period to 28.1 million zlotys from 30.6 million zlotys.

Reported net income rose 22.8% year over year to 5.3 million zlotys, or 54 groszy per share, from 4.3 million zlotys, or 44 groszy per share.

For the year, the company's normalized net income totaled 2.39 zlotys per share, a gain of 17.1% from 2.04 zlotys per share in the prior year.

Normalized net income was 23.1 million zlotys, an increase of 17.1% from 19.8 million zlotys in the prior year.

Full-year total revenue decreased from the prior-year period to 166.7 million zlotys from 168.9 million zlotys, and total operating expenses fell 5.3% on an annual basis to 131.1 million zlotys from 138.5 million zlotys.

The company said reported net income increased 12.7% year over year to 28.6 million zlotys, or 2.95 zlotys per share, in the full year, from 25.4 million zlotys, or 2.62 zlotys per share.

As of March 9, US$1 was equivalent to 3.92 zlotys.