Sheng Siong Group Ltd. said its fourth-quarter normalized net income amounted to S$10.8 million, a gain of 23.7% from S$8.7 million in the prior-year period.

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

The normalized profit margin climbed to 5.8% from 4.9% in the year-earlier period.

Total revenue grew on an annual basis to S$187.1 million from S$178.4 million, and total operating expenses rose year over year to S$170.1 million from S$164.7 million.

Reported net income rose 23.9% on an annual basis to S$14.6 million, or 1 cents per share, from S$11.8 million, or 1 cents per share.

For the year, the company's normalized net income totaled 3 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4 cents.

EPS rose 11.0% from 3 cents in the prior year.

Normalized net income was S$42.3 million, a rise of 17.2% from S$36.1 million in the prior year.

Full-year total revenue grew 5.3% from the prior-year period to S$764.4 million from S$726.0 million, and total operating expenses rose year over year to S$697.9 million from S$669.2 million.

The company said reported net income rose 19.3% year over year to S$56.8 million, or 4 cents per share, in the full year, from S$47.6 million, or 3 cents per share.

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