Viver Incorporadora e Construtora S.A. said its fourth-quarter normalized net income was a loss of 15.37 reais per share, compared with a loss of 11.20 reais per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 50.9 million reais, compared with a loss of 37.6 million reais in the year-earlier period.

Total revenue grew 14.3% on an annual basis to 10.5 million reais from 9.2 million reais, and total operating expenses decreased 32.2% on an annual basis to 40.9 million reais from 60.3 million reais.

Reported net income came to a loss of 91.7 million reais, or a loss of 27.70 reais per share, compared to a loss of 64.6 million reais, or a loss of 19.27 reais per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 41.13 reais per share, compared with a loss of 41.69 reais per share in the prior year.

Normalized net income was a loss of 138.6 million reais, compared with a loss of 139.8 million reais in the prior year.

Full-year total revenue fell 29.3% on an annual basis to 112.0 million reais from 158.3 million reais, and total operating expenses decreased 24.4% on an annual basis to 237.9 million reais from 314.5 million reais.

The company said reported net income came to a loss of 260.9 million reais, or a loss of 77.38 reais per share, in the full year, compared with a loss of 233.4 million reais, or a loss of 69.59 reais per share, the prior year.

As of March 30, US$1 was equivalent to 3.60 reais.