Dukat mlijecna industrija d.d. said its fourth-quarter normalized net income came to 2.78 kuna per share, a decline of 79.4% from 13.51 kuna per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.3 million kuna, a decrease of 79.4% from 40.5 million kuna in the prior-year period.

The normalized profit margin declined to 1.0% from 4.5% in the year-earlier period.

Total revenue decreased 7.0% year over year to 840.3 million kuna from 903.8 million kuna, and total operating expenses fell year over year to 832.8 million kuna from 843.9 million kuna.

Reported net income totaled a loss of 22.1 million kuna, or a loss of 7.38 kuna per share, compared to income of 52.8 million kuna, or 17.61 kuna per share, in the prior-year period.

For the year, the company's normalized net income totaled 27.59 kuna per share, an increase of 26.0% from 21.90 kuna per share in the prior year.

Normalized net income was 82.8 million kuna, an increase of 26.0% from 65.7 million kuna in the prior year.

Full-year total revenue declined on an annual basis to 3.46 billion kuna from 3.61 billion kuna, and total operating expenses decreased 5.1% year over year to 3.32 billion kuna from 3.50 billion kuna.

The company said reported net income decreased 5.6% year over year to 78.9 million kuna, or 26.30 kuna per share, in the full year, from 83.6 million kuna, or 27.85 kuna per share.

As of March 25, US$1 was equivalent to 6.75 kuna.