Ideal Bike Corp. said its normalized net income for the fourth quarter amounted to 34 Taiwan cents per share, a decrease of 19.7% from 42 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$55.5 million, a decrease of 19.8% from NT$69.2 million in the prior-year period.

The normalized profit margin dropped to 3.4% from 5.0% in the year-earlier period.

Total revenue grew 19.4% year over year to NT$1.64 billion from NT$1.37 billion, and total operating expenses increased 18.0% from the prior-year period to NT$1.56 billion from NT$1.32 billion.

Reported net income declined 17.8% year over year to NT$72.9 million, or 44 cents per share, from NT$88.7 million, or 54 cents per share.

For the year, the company's normalized net income totaled NT$1.24 per share, a gain of 88.9% from 66 cents per share in the prior year.

Normalized net income was NT$204.5 million, a rise of 91.0% from NT$107.0 million in the prior year.

Full-year total revenue rose 42.8% from the prior-year period to NT$6.10 billion from NT$4.27 billion, and total operating expenses increased 38.9% year over year to NT$5.81 billion from NT$4.18 billion.

The company said reported net income increased year over year to NT$264.0 million, or NT$1.60 per share, in the full year, from NT$131.6 million, or 81 cents per share.

As of March 30, US$1 was equivalent to NT$32.18.