Mercurius Capital Investment Ltd said its fourth-quarter normalized net income came to a loss of S$11.9 million, compared with a loss of S$2.0 million in the year-earlier period.

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

Total revenue declined 39.0% on an annual basis to S$8.1 million from S$13.3 million, and total operating expenses climbed 70.8% on an annual basis to S$29.7 million from S$17.4 million.

Reported net income came to a loss of S$21.5 million, or a loss of 2 cents per share, compared to a loss of S$1.9 million, or a loss of 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled S$11.1 million, compared with income of S$832,500 in the prior year.

Full-year total revenue declined 40.9% year over year to S$26.7 million from S$45.3 million, and total operating expenses increased on an annual basis to S$46.4 million from S$44.9 million.

The company said reported net income totaled a loss of S$20.3 million, or a loss of 2 cents per share, in the full year, compared with income of S$1.2 million, or 0 cents per share, the prior year.

As of April 11, US$1 was equivalent to S$1.34.