Man Zai Industrial Co. Ltd. said its normalized net income for the fourth quarter came to 21 Taiwan cents per share, a decrease of 59.1% from 52 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 NT$11.1 million, a decline of 59.4% from NT$27.3 million in the year-earlier period.

The normalized profit margin dropped to 4.7% from 8.5% in the year-earlier period.

Total revenue decreased 26.2% on an annual basis to NT$236.7 million from NT$320.9 million, and total operating expenses decreased 24.9% year over year to NT$220.8 million from NT$293.9 million.

Reported net income declined 48.0% on an annual basis to NT$15.2 million, or 29 cents per share, from NT$29.3 million, or 55 cents per share.

For the year, the company's normalized net income totaled NT$1.66 per share, a decline of 39.8% from NT$2.75 per share in the prior year.

Normalized net income was NT$86.8 million, a fall of 39.7% from NT$144.1 million in the prior year.

Full-year total revenue declined 16.5% year over year to NT$1.25 billion from NT$1.50 billion, and total operating expenses fell 12.6% year over year to NT$1.12 billion from NT$1.29 billion.

The company said reported net income decreased 40.1% on an annual basis to NT$106.3 million, or NT$2.03 per share, in the full year, from NT$177.3 million, or NT$3.39 per share.

As of March 8, US$1 was equivalent to NT$32.84.