Papoutsanis SA said its normalized net income for the fourth quarter was €160, compared with a loss of €176,990 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 0.2% from negative 5.1% in the year-earlier period.

Total revenue rose 13.0% on an annual basis to €3.9 million from €3.5 million, and total operating expenses rose year over year to €3.8 million from €3.7 million.

Reported net income came to a loss of €117,180, or a loss of 0 cents per share, compared to a loss of €383,830, or a loss of 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled €66,110, a fall of 23.1% from €85,950 in the prior year.

Full-year total revenue declined 9.1% on an annual basis to €15.6 million from €17.2 million, and total operating expenses declined 7.1% year over year to €15.5 million from €16.7 million.

The company said reported net income came to a loss of €414,970, or a loss of 1 cents per share, in the full year, compared with a loss of €68,460, or a loss of 0 cents per share, the prior year.