Companhia Tecidos Santanense Ltda. said its fourth-quarter normalized net income came to a loss of 25 Brazilian centavos per share, compared with a loss of 11 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 a loss of 9.9 million reais, compared with a loss of 4.3 million reais in the prior-year period.

The normalized profit margin dropped to negative 14.1% from negative 4.4% in the year-earlier period.

Total revenue fell 29.0% on an annual basis to 70.0 million reais from 98.6 million reais, and total operating expenses fell 22.5% on an annual basis to 79.3 million reais from 102.3 million reais.

Reported net income totaled a loss of 9.4 million reais, or a loss of 24 centavos per share, compared to a loss of 1.8 million reais, or a loss of 5 centavos per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 54 centavos per share, compared with 2 centavos per share in the prior year.

Normalized net income was a loss of 21.3 million reais, compared with income of 596,880 reais in the prior year.

Full-year total revenue fell 16.5% from the prior-year period to 339.6 million reais from 406.4 million reais, and total operating expenses fell 10.0% on an annual basis to 355.7 million reais from 395.2 million reais.

The company said reported net income came to a loss of 21.1 million reais, or a loss of 54 centavos per share, in the full year, compared with income of 959,000 reais, or 2 centavos per share, the prior year.

As of March 29, US$1 was equivalent to 3.67 reais.