Nicco Parks & Resorts Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 26 Indian paise per share, a decline of 10.4% from 29 paise per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.2 million rupees, a decline of 10.8% from 13.6 million rupees in the prior-year period.

The normalized profit margin dropped to 10.1% from 10.8% in the year-earlier period.

Total revenue climbed 29.1% on an annual basis to 163.3 million rupees from 126.5 million rupees, and total operating expenses rose 40.4% on an annual basis to 147.1 million rupees from 104.8 million rupees.

Reported net income fell 17.3% on an annual basis to 12.6 million rupees, or 27 paise per share, from 15.2 million rupees, or 32 paise per share.

For the year, the company's normalized net income totaled 92 paise per share, an increase of 56.5% from 59 paise per share in the prior year.

Normalized net income was 43.3 million rupees, a rise of 56.6% from 27.7 million rupees in the prior year.

Full-year total revenue rose 21.0% from the prior-year period to 428.7 million rupees from 354.4 million rupees, and total operating expenses rose 17.9% year over year to 370.1 million rupees from 313.8 million rupees.

The company said reported net income increased 53.2% year over year to 46.0 million rupees, or 98 paise per share, in the full year, from 30.0 million rupees, or 64 paise per share.

As of July 9, US$1 was equivalent to 63.31 Indian rupees.