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Blumar SA Q4 loss narrows YOY

Blumar SA said its fourth-quarter normalized net income amounted to a loss of $2.4 million, compared with a loss of $8.7 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 rose to negative 3.0% from negative 8.8% in the year-earlier period.

Total revenue decreased 18.9% year over year to $79.8 million from $98.4 million, and total operating expenses fell 24.2% year over year to $83.1 million from $109.6 million.

Reported net income totaled a loss of $5.8 million, or a loss of 0 cents per share, compared to a loss of $13.4 million, or a loss of 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled $5.2 million, a decline of 57.8% from $12.2 million in the prior year.

Full-year total revenue decreased 27.6% from the prior-year period to $325.9 million from $449.8 million, and total operating expenses declined 28.1% year over year to $306.1 million from $426.0 million.

The company said reported net income came to a loss of $7.6 million, or a loss of 1 cents per share, in the full year, compared with income of $33.9 million, or 2 cents per share, the prior year.