Lan Fa Textile Co. Ltd. said its fourth-quarter normalized net income was a loss of 4 Taiwan cents per share, compared with a loss of 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$13.9 million, compared with a loss of NT$7.8 million in the prior-year period.

The normalized profit margin fell to negative 1.7% from negative 0.8% in the year-earlier period.

Total revenue declined 18.1% on an annual basis to NT$806.0 million from NT$984.3 million, and total operating expenses decreased 16.0% on an annual basis to NT$803.1 million from NT$955.9 million.

Reported net income totaled a loss of NT$378.5 million, or a loss of NT$1.19 per share, compared to a loss of NT$15.4 million, or a loss of 5 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 16 cents per share, compared with 29 cents per share in the prior year.

Normalized net income was a loss of NT$51.7 million, compared with income of NT$90.6 million in the prior year.

Full-year total revenue declined 24.9% year over year to NT$2.95 billion from NT$3.92 billion, and total operating expenses fell 20.2% year over year to NT$3.00 billion from NT$3.75 billion.

The company said reported net income came to a loss of NT$438.0 million, or a loss of NT$1.38 per share, in the full year, compared with income of NT$227.8 million, or 72 cents per share, the prior year.

As of March 31, US$1 was equivalent to NT$30.34.