Grazziotin S.A. said its fourth-quarter normalized net income came to 49 Brazilian centavos per share, a decline of 23.0% from 63 centavos per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.7 million reais, a decline of 22.8% from 13.8 million reais in the prior-year period.
The normalized profit margin climbed to 11.0% from 10.7% in the year-earlier period.
Total revenue fell 14.0% year over year to 110.9 million reais from 129.0 million reais, and total operating expenses fell 9.8% on an annual basis to 101.7 million reais from 112.8 million reais.
Reported net income declined 16.7% from the prior-year period to 17.3 million reais, or 79 centavos per share, from 20.8 million reais, or 95 centavos per share.
For the year, the company's normalized net income totaled 1.62 reais per share, a decline of 24.7% from 2.16 reais per share in the prior year.
Normalized net income was 35.6 million reais, a decrease of 24.5% from 47.1 million reais in the prior year.
Full-year total revenue fell on an annual basis to 381.9 million reais from 398.8 million reais, and total operating expenses increased year over year to 352.2 million reais from 348.0 million reais.
The company said reported net income fell 21.6% year over year to 46.6 million reais, or 2.13 reais per share, in the full year, from 59.5 million reais, or 2.72 reais per share.
As of Feb. 26, US$1 was equivalent to 3.98 reais.