Formosa International Hotels Corp. said its normalized net income for the fourth quarter was NT$1.53 per share, compared with the S&P Capital IQ consensus estimate of NT$3.44 per share.

EPS decreased 25.4% year over year from NT$2.06.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$203.2 million, a decline of 24.8% from NT$270.1 million in the year-earlier period.

The normalized profit margin declined to 11.6% from 15.4% in the year-earlier period.

Total revenue totaled NT$1.76 billion, compared with NT$1.75 billion in the year-earlier period, and total operating expenses grew year over year to NT$1.41 billion from NT$1.36 billion.

Reported net income decreased 11.5% on an annual basis to NT$341.1 million, or NT$2.57 per share, from NT$385.3 million, or NT$2.93 per share.

For the year, the company's normalized net income totaled NT$6.03 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$9.42.

EPS declined 6.0% from NT$6.41 in the prior year.

Normalized net income was NT$795.0 million, a fall of 5.4% from NT$840.2 million in the prior year.

Full-year total revenue increased 5.4% from the prior-year period to NT$6.68 billion from NT$6.33 billion, and total operating expenses rose 5.5% on an annual basis to NT$5.29 billion from NT$5.01 billion.

The company said reported net income increased year over year to NT$1.16 billion, or NT$8.78 per share, in the full year, from NT$1.14 billion, or NT$8.74 per share.

As of March 23, US$1 was equivalent to NT$32.48.