Raia Drogasil SA said its fourth-quarter normalized net income was 20 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 27 centavos per share.

EPS increased 9.9% year over year from 18 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 65.5 million reais, an increase of 10.6% from 59.2 million reais in the prior-year period.

The normalized profit margin fell to 2.5% from 2.9% in the year-earlier period.

Total revenue grew 22.4% year over year to 2.46 billion reais from 2.01 billion reais, and total operating expenses grew 22.7% from the prior-year period to 2.33 billion reais from 1.90 billion reais.

Reported net income increased 23.8% year over year to 76.9 million reais, or 23 centavos per share, from 62.2 million reais, or 19 centavos per share.

For the year, the company's normalized net income totaled 84 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.13 reais.

EPS rose 42.6% from 59 centavos in the prior year.

Normalized net income was 277.9 million reais, a gain of 42.7% from 194.8 million reais in the prior year.

Full-year total revenue grew 21.0% on an annual basis to 8.90 billion reais from 7.35 billion reais, and total operating expenses increased 19.8% on an annual basis to 8.39 billion reais from 7.00 billion reais.

The company said reported net income grew 53.5% year over year to 339.8 million reais, or 1.03 reais per share, in the full year, from 221.4 million reais, or 67 centavos per share.

As of Feb. 18, US$1 was equivalent to 4.02 reais.