Industria Textil Piura SA said its fourth-quarter normalized net income was a loss of 19 Peruvian céntimos per share, compared with a loss of 9 céntimos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.1 million soles, compared with a loss of 6.6 million soles in the prior-year period.

The normalized profit margin fell to negative 61.4% from negative 27.3% in the year-earlier period.

Total revenue declined on an annual basis to 23.2 million soles from 24.0 million soles, and total operating expenses climbed 24.2% on an annual basis to 36.4 million soles from 29.3 million soles.

Reported net income totaled a loss of 18.2 million soles, or a loss of 26 céntimos per share, compared to a loss of 8.4 million soles, or a loss of 12 céntimos per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 32 céntimos per share, compared with a loss of 19 céntimos per share in the prior year.

Normalized net income was a loss of 22.5 million soles, compared with a loss of 13.1 million soles in the prior year.

Full-year total revenue fell 7.2% on an annual basis to 94.8 million soles from 102.1 million soles, and total operating expenses came to 107.3 million soles, compared with 107.1 million soles in the prior-year period.

The company said reported net income came to a loss of 29.1 million soles, or a loss of 42 céntimos per share, in the full year, compared with a loss of 15.8 million soles, or a loss of 23 céntimos per share, the prior year.

As of April 11, US$1 was equivalent to 3.37 soles.