Flour Mills Kepenos SA said its normalized net income for the fourth quarter came to 2 euro cents per share, a decline of 71.7% from 8 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €142,750, a decrease of 71.4% from €499,510 in the prior-year period.

The normalized profit margin fell to 1.8% from 5.1% in the year-earlier period.

Total revenue decreased 17.9% on an annual basis to €8.0 million from €9.7 million, and total operating expenses fell 13.3% from the prior-year period to €7.6 million from €8.8 million.

Reported net income decreased 78.9% on an annual basis to €120,050, or 2 cents per share, from €570,190, or 9 cents per share.

For the year, the company's normalized net income totaled 12 cents per share, a decrease of 46.0% from 22 cents per share in the prior year.

Normalized net income was €803,860, a fall of 46.6% from €1.5 million in the prior year.

Full-year total revenue decreased 5.2% from the prior-year period to €34.0 million from €35.9 million, and total operating expenses declined year over year to €32.1 million from €32.9 million.

The company said reported net income declined 54.9% year over year to €694,730, or 10 cents per share, in the full year, from €1.5 million, or 23 cents per share.