Mewah International Inc. said its normalized net income for the fourth quarter was $4.1 million, a decrease of 31.3% from $6.0 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 0.6% from 0.7% in the year-earlier period.

Total revenue decreased 34.8% year over year to $540.3 million from $828.6 million, and total operating expenses declined 33.9% year over year to $524.9 million from $794.4 million.

Reported net income fell 79.0% year over year to $1.8 million, or 0 cents per share, from $8.7 million, or 1 cents per share.

For the year, the company's normalized net income totaled $7.9 million, a rise from $1.9 million in the prior year.

Full-year total revenue declined 22.2% from the prior-year period to $2.67 billion from $3.44 billion, and total operating expenses fell 23.8% year over year to $2.60 billion from $3.41 billion.

The company said reported net income rose on an annual basis to $6.5 million, or 0 cents per share, in the full year, from $2.7 million, or 0 cents per share.