Saigon Hotel Corp. said its fourth-quarter normalized net income amounted to 190.97 dong per share, a decline of 49.4% from 377.67 dong per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 673.7 million dong, a decrease of 49.5% from 1.33 billion dong in the year-earlier period.

The normalized profit margin dropped to 7.4% from 14.2% in the year-earlier period.

Total revenue fell on an annual basis to 9.05 billion dong from 9.36 billion dong, and total operating expenses climbed 17.5% year over year to 8.24 billion dong from 7.01 billion dong.

Reported net income increased from the prior-year period to 829.0 million dong, or 235.00 dong per share, from 792.1 million dong, or 224.45 dong per share.

For the year, the company's normalized net income totaled 573.30 dong per share, a decrease of 15.7% from 679.79 dong per share in the prior year.

Normalized net income was 3.24 billion dong, an increase of 34.9% from 2.40 billion dong in the prior year.

Full-year total revenue rose 38.4% year over year to 34.59 billion dong from 24.99 billion dong, and total operating expenses rose 38.0% on an annual basis to 28.91 billion dong from 20.95 billion dong.

The company said reported net income rose 89.0% on an annual basis to 4.02 billion dong, or 711.00 dong per share, in the full year, from 2.13 billion dong, or 601.75 dong per share.

As of Feb. 26, US$1 was equivalent to 22,316 dong.