Grimoldi SA said its fourth-quarter normalized net income amounted to 1.41 Argentine pesos per share, a gain from 59 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 62.5 million pesos, a gain from 26.4 million pesos in the prior-year period.

The normalized profit margin climbed to 8.7% from 5.5% in the year-earlier period.

Total revenue climbed 44.7% year over year to 693.6 million pesos from 479.2 million pesos, and total operating expenses climbed 40.2% on an annual basis to 555.9 million pesos from 396.6 million pesos.

Reported net income grew year over year to 61.3 million pesos, or 1.38 pesos per share, from 24.4 million pesos, or 55 centavos per share.

For the year, the company's normalized net income totaled 3.75 pesos per share, an increase from 1.76 pesos per share in the prior year.

Normalized net income was 166.3 million pesos, a rise from 78.1 million pesos in the prior year.

Full-year total revenue grew 50.1% from the prior-year period to 2.40 billion pesos from 1.60 billion pesos, and total operating expenses grew 47.8% on an annual basis to 1.98 billion pesos from 1.34 billion pesos.

The company said reported net income increased on an annual basis to 168.4 million pesos, or 3.80 pesos per share, in the full year, from 75.3 million pesos, or 1.70 pesos per share.

As of March 10, US$1 was equivalent to 15.34 Argentine pesos.