Transcorp Hotels PLC said its fourth-quarter normalized net income was 16 kobo per share, a gain from 6 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.24 billion nairas, a gain from 321.8 million nairas in the year-earlier period.

The normalized profit margin increased to 35.1% from 8.8% in the year-earlier period.

Total revenue fell year over year to 3.52 billion nairas from 3.66 billion nairas, and total operating expenses fell 40.8% on an annual basis to 1.68 billion nairas from 2.84 billion nairas.

Reported net income grew from the prior-year period to 1.15 billion nairas, or 15 kobo per share, from 457.9 million nairas, or 8 kobo per share.

For the year, the company's normalized net income totaled 44 kobo per share, a decrease of 14.6% from 52 kobo per share in the prior year.

Normalized net income was 3.37 billion nairas, an increase of 18.9% from 2.84 billion nairas in the prior year.

Full-year total revenue declined 7.5% from the prior-year period to 13.98 billion nairas from 15.10 billion nairas, and total operating expenses decreased 13.6% on an annual basis to 9.00 billion nairas from 10.42 billion nairas.

The company said reported net income grew 8.6% on an annual basis to 3.50 billion nairas, or 46 kobo per share, in the full year, from 3.22 billion nairas, or 59 kobo per share.

As of March 24, US$1 was equivalent to 199.20 nairas.