Sun Race Sturmey-Archer Inc. said its normalized net income for the fourth quarter amounted to a loss of NT$210,000, compared with income of NT$11.5 million in the prior-year period.

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

The normalized profit margin declined to negative 0.1% from 5.6% in the year-earlier period.

Total revenue increased on an annual basis to NT$213.6 million from NT$204.0 million, and total operating expenses increased 8.3% on an annual basis to NT$208.5 million from NT$192.5 million.

Reported net income decreased 96.5% from the prior-year period to NT$579,750, or 1 cents per share, from NT$16.5 million, or 32 cents per share.

For the year, the company's normalized net income totaled NT$1.09 per share, a gain of 42.8% from 76 cents per share in the prior year.

Normalized net income was NT$54.5 million, a gain of 42.9% from NT$38.1 million in the prior year.

Full-year total revenue rose 19.4% year over year to NT$902.9 million from NT$756.0 million, and total operating expenses rose 18.8% on an annual basis to NT$830.8 million from NT$699.4 million.

The company said reported net income increased 33.2% on an annual basis to NT$72.6 million, or NT$1.45 per share, in the full year, from NT$54.5 million, or NT$1.09 per share.

As of March 30, US$1 was equivalent to NT$32.18.