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Sonae SGPS Q4 profit falls YOY

Sonae SGPS SA said its fourth-quarter normalized net income was 2 euro cents per share, a decline of 12.6% from 2 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 €40.0 million, a decrease of 12.1% from €45.5 million in the year-earlier period.

The normalized profit margin declined to 2.6% from 3.0% in the year-earlier period.

Total revenue increased year over year to €1.53 billion from €1.49 billion, and total operating expenses climbed year over year to €1.46 billion from €1.42 billion.

Reported net income decreased 34.0% from the prior-year period to €34.8 million, or 2 cents per share, from €52.8 million, or 2 cents per share.

For the year, the company's normalized net income totaled 5 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 7 cents.

EPS declined 6.4% from 5 cents in the prior year.

Normalized net income was €103.7 million, a decrease from €107.8 million in the prior year.

Full-year total revenue grew from the prior-year period to €5.62 billion from €5.46 billion, and total operating expenses rose year over year to €5.48 billion from €5.27 billion.

The company said reported net income increased 23.6% year over year to €182.9 million, or 9 cents per share, in the full year, from €147.9 million, or 8 cents per share.