Landmarc Leisure Corp. Ltd. said its normalized net income for the fourth quarter was a loss of 3.2 million rupees, compared with a loss of 27.0 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue declined 88.8% on an annual basis to 251,000 rupees from 2.2 million rupees, and total operating expenses decreased 88.8% on an annual basis to 5.0 million rupees from 44.9 million rupees.

Reported net income came to a loss of 3.8 million rupees, or a loss of 1 paise per share, compared to a loss of 44.6 million rupees, or a loss of 6 paise per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 2 paise per share, compared with a loss of 5 paise per share in the prior year.

Normalized net income was a loss of 16.4 million rupees, compared with a loss of 40.7 million rupees in the prior year.

Full-year total revenue decreased 61.1% year over year to 4.3 million rupees from 11.0 million rupees, and total operating expenses decreased 60.1% on an annual basis to 29.8 million rupees from 74.7 million rupees.

The company said reported net income came to a loss of 24.7 million rupees, or a loss of 3 paise per share, in the full year, compared with a loss of 67.1 million rupees, or a loss of 8 paise per share, the prior year.

As of Feb. 5, US$1 was equivalent to 67.80 Indian rupees.