Grand Ocean Retail Group Ltd. said its fourth-quarter normalized net income came to 94 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.48 per share.

EPS fell 50.4% year over year from NT$1.90.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$186.9 million, a decrease of 50.6% from NT$378.3 million in the prior-year period.

The normalized profit margin fell to 10.1% from 17.1% in the year-earlier period.

Total revenue declined 16.6% year over year to NT$1.84 billion from NT$2.21 billion, and total operating expenses fell 6.5% from the prior-year period to NT$1.56 billion from NT$1.66 billion.

Reported net income decreased 42.4% on an annual basis to NT$207.6 million, or NT$1.05 per share, from NT$360.2 million, or NT$1.81 per share.

For the year, the company's normalized net income totaled NT$3.78 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$2.04.

EPS declined 22.6% from NT$4.89 in the prior year.

Normalized net income was NT$747.8 million, a decrease of 23.3% from NT$974.5 million in the prior year.

Full-year total revenue declined from the prior-year period to NT$7.24 billion from NT$7.60 billion, and total operating expenses declined year over year to NT$5.93 billion from NT$6.05 billion.

The company said reported net income decreased 70.0% year over year to NT$322.2 million, or NT$1.63 per share, in the full year, from NT$1.07 billion, or NT$5.38 per share.

As of March 28, US$1 was equivalent to NT$32.62.