United Plantations Bhd. said its fourth-quarter normalized net income amounted to 25 Malaysian sen per share, a decline from 26 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 52.7 million ringgits, a decline from 54.0 million ringgits in the year-earlier period.

The normalized profit margin fell to 21.3% from 23.2% in the year-earlier period.

Total revenue increased 6.5% on an annual basis to 247.4 million ringgits from 232.3 million ringgits, and total operating expenses climbed 11.5% from the prior-year period to 168.6 million ringgits from 151.2 million ringgits.

Reported net income came to 72.5 million ringgits, or 35 sen per share, compared to 72.8 million ringgits, or 35 sen per share, in the prior-year period.

For the year, the company's normalized net income totaled 1.13 ringgits per share, an increase of 6.0% from 1.06 ringgits per share in the prior year.

Normalized net income was 234.1 million ringgits, a rise of 6.0% from 220.9 million ringgits in the prior year.

Full-year total revenue declined on an annual basis to 1.00 billion ringgits from 1.02 billion ringgits, and total operating expenses fell 6.3% year over year to 648.3 million ringgits from 691.6 million ringgits.

The company said reported net income grew on an annual basis to 291.6 million ringgits, or 1.40 ringgits per share, in the full year, from 278.0 million ringgits, or 1.34 ringgits per share.

As of Feb. 29, US$1 was equivalent to 4.21 ringgits.