Tidehold Development Co. Ltd. said its fourth-quarter normalized net income came to a loss of NT$4.3 million, compared with a loss of NT$648,640 in the prior-year period.

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

The normalized profit margin declined to negative 14.7% from negative 1.0% in the year-earlier period.

Total revenue fell 53.7% on an annual basis to NT$29.7 million from NT$64.1 million, and total operating expenses declined 44.8% from the prior-year period to NT$37.8 million from NT$68.4 million.

Reported net income totaled a loss of NT$4.9 million, or a loss of 5 cents per share, compared to income of NT$13.7 million, or 14 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled NT$813,160, compared with a loss of NT$-3.5 million in the prior year.

Full-year total revenue declined 31.9% on an annual basis to NT$104.0 million from NT$152.8 million, and total operating expenses decreased 25.1% year over year to NT$126.4 million from NT$168.8 million.

The company said reported net income fell 15.4% on an annual basis to NT$10.8 million, or 11 cents per share, in the full year, from NT$12.7 million, or 13 cents per share.

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