Tourism Enterprises Co. said its normalized net income for the fourth quarter was a loss of 9 halalas per share, compared with 7 halalas 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 863,020 riyals, compared with income of 695,960 riyals in the prior-year period.

The normalized profit margin dropped to negative 25.5% from 14.8% in the year-earlier period.

Total revenue fell 28.0% year over year to 3.4 million riyals from 4.7 million riyals, and total operating expenses increased 49.4% from the prior-year period to 6.4 million riyals from 4.3 million riyals.

Reported net income totaled a loss of 2.4 million riyals, or a loss of 25 halalas per share, compared to income of 449,620 riyals, or 5 halalas per share, in the prior-year period.

For the year, the company's normalized net income totaled 23 halalas per share, a decline of 38.4% from 38 halalas per share in the prior year.

Normalized net income was 2.3 million riyals, a fall of 38.5% from 3.8 million riyals in the prior year.

Full-year total revenue fell 7.3% from the prior-year period to 20.9 million riyals from 22.6 million riyals, and total operating expenses grew 9.6% year over year to 18.9 million riyals from 17.2 million riyals.

The company said reported net income decreased 58.4% on an annual basis to 2.0 million riyals, or 20 halalas per share, in the full year, from 4.8 million riyals, or 48 halalas per share.

As of Feb. 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.