PT Midi Utama Indonesia Tbk said its normalized net income for the fourth quarter amounted to 24.63 rupiah per share, a decrease of 10.1% from 27.39 rupiah per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 71.00 billion rupiah, a decrease of 10.1% from 78.95 billion rupiah in the prior-year period.

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

Total revenue climbed 22.1% year over year to 1.942 trillion rupiah from 1.590 trillion rupiah, and total operating expenses grew 24.5% on an annual basis to 1.789 trillion rupiah from 1.437 trillion rupiah.

Reported net income fell 7.8% from the prior-year period to 87.38 billion rupiah, or 30.31 rupiah per share, from 94.74 billion rupiah, or 32.87 rupiah per share.

For the year, the company's normalized net income totaled 40.54 rupiah per share, a fall from 41.12 rupiah per share in the prior year.

Normalized net income was 116.86 billion rupiah, a decrease from 118.52 billion rupiah in the prior year.

Full-year total revenue increased 20.7% on an annual basis to 7.172 trillion rupiah from 5.943 trillion rupiah, and total operating expenses grew 21.0% year over year to 6.846 trillion rupiah from 5.659 trillion rupiah.

The company said reported net income fell on an annual basis to 140.51 billion rupiah, or 48.75 rupiah per share, in the full year, from 145.94 billion rupiah, or 50.63 rupiah per share.

As of March 24, US$1 was equivalent to 13,295 rupiah.