Sarawak Oil Palms Berhad said its fourth-quarter normalized net income amounted to 7 Malaysian sen per share, a decrease of 22.6% from 9 sen per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.3 million ringgits, a decline of 17.9% from 38.1 million ringgits in the prior-year period.
The normalized profit margin dropped to 2.4% from 2.9% in the year-earlier period.
Total revenue fell year over year to 1.29 billion ringgits from 1.33 billion ringgits, and total operating expenses declined from the prior-year period to 1.26 billion ringgits from 1.27 billion ringgits.
Reported net income declined 24.1% year over year to 36.1 million ringgits, or 8 sen per share, from 47.6 million ringgits, or 11 sen per share.
For the year, the company's normalized net income totaled 24 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 25 sen.
EPS rose 50.1% from 16 sen in the prior year.
Normalized net income was 111.6 million ringgits, a gain of 51.8% from 73.6 million ringgits in the prior year.
Full-year total revenue grew 20.3% on an annual basis to 4.42 billion ringgits from 3.67 billion ringgits, and total operating expenses increased 19.6% year over year to 4.21 billion ringgits from 3.52 billion ringgits.
The company said reported net income rose 49.4% year over year to 132.2 million ringgits, or 28 sen per share, in the full year, from 88.5 million ringgits, or 19 sen per share.
As of April 28, US$1 was equivalent to 4.34 ringgits.