Borneo Oil Bhd. said its normalized net income for the fiscal fourth quarter ended Jan. 31 came to 2.3 million ringgits, compared with a loss of 1.2 million ringgits 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 6.6% from negative 22.7% in the year-earlier period.

Total revenue climbed on an annual basis to 35.7 million ringgits from 5.2 million ringgits, and total operating expenses grew from the prior-year period to 34.0 million ringgits from 16.1 million ringgits.

Reported net income came to 4.7 million ringgits, or 1 sen per share, compared to a loss of 337,840 ringgits, or a loss of 0 sen per share, in the prior-year period.

For the year, the company's normalized net income totaled 3.8 million ringgits, a rise from 1.1 million ringgits in the prior year.

Full-year total revenue increased from the prior-year period to 84.2 million ringgits from 41.8 million ringgits, and total operating expenses rose 63.4% on an annual basis to 79.6 million ringgits from 48.8 million ringgits.

The company said reported net income grew on an annual basis to 7.0 million ringgits, or 2 sen per share, in the full year, from 3.1 million ringgits, or 1 sen per share.

As of May 28, US$1 was equivalent to 3.65 ringgits.