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CIMIC Group Q4 profit falls YOY

CIMIC Group Ltd. said its normalized net income for the fourth quarter came to 19 Australian cents per share, a decrease of 59.0% from 47 cents 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$63.4 million, a decrease of 60.0% from A$158.6 million in the prior-year period.

The normalized profit margin dropped to 2.0% from 5.6% in the year-earlier period.

Total revenue grew 13.5% on an annual basis to A$3.21 billion from A$2.83 billion, and total operating expenses rose 21.8% year over year to A$3.14 billion from A$2.58 billion.

Reported net income grew 28.2% year over year to A$166.5 million, or 50 cents per share, from A$129.9 million, or 38 cents per share.

For the year, the company's normalized net income totaled A$1.29 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of A$1.46.

EPS declined from A$1.46 in the prior year.

Normalized net income was A$424.8 million, a decrease from A$496.7 million in the prior year.

Full-year total revenue declined on an annual basis to A$10.85 billion from A$13.28 billion, and total operating expenses decreased year over year to A$10.23 billion from A$12.38 billion.

The company said reported net income increased on an annual basis to A$580.2 million, or A$1.76 per share, in the full year, from A$520.4 million, or A$1.53 per share.