Pepsi-Cola Products Philippines Inc. said its fourth-quarter normalized net income amounted to 2 Philippine centavos per share, a decline of 38.4% from 4 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 86.5 million pesos, a decline of 38.4% from 140.5 million pesos in the year-earlier period.

The normalized profit margin declined to 1.2% from 2.1% in the year-earlier period.

Total revenue increased 7.0% year over year to 7.16 billion pesos from 6.69 billion pesos, and total operating expenses increased 8.7% on an annual basis to 7.03 billion pesos from 6.46 billion pesos.

Reported net income fell 44.8% from the prior-year period to 105.7 million pesos, or 3 centavos per share, from 191.6 million pesos, or 5 centavos per share.

For the year, the company's normalized net income totaled 19 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 25 centavos.

EPS was 20 centavos in the prior year.

Normalized net income was 719.2 million pesos, compared with 721.0 million pesos in the prior year.

Full-year total revenue rose 7.9% year over year to 27.33 billion pesos from 25.33 billion pesos, and total operating expenses rose 8.1% year over year to 26.19 billion pesos from 24.23 billion pesos.

The company said reported net income came to 812.1 million pesos, or 22 centavos per share, in the full year, compared with 810.9 million pesos, or 22 centavos per share, the prior year.

As of April 12, US$1 was equivalent to 46.03 Philippine pesos.