Margarine Industries Ltd. said its normalized net income for the fourth quarter came to 19.11 Mauritian rupees per share, a decrease of 16.0% from 22.76 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.7 million rupees, a decrease of 16.0% from 6.8 million rupees in the prior-year period.

The normalized profit margin dropped to 5.5% from 6.5% in the year-earlier period.

Total revenue declined on an annual basis to 103.9 million rupees from 105.0 million rupees, and total operating expenses decreased from the prior-year period to 93.1 million rupees from 96.3 million rupees.

Reported net income declined on an annual basis to 8.1 million rupees, or 26.97 rupees per share, from 8.4 million rupees, or 27.93 rupees per share.

For the year, the company's normalized net income totaled 47.54 rupees per share, a fall of 18.3% from 58.21 rupees per share in the prior year.

Normalized net income was 14.3 million rupees, a decline of 18.3% from 17.5 million rupees in the prior year.

Full-year total revenue decreased year over year to 373.6 million rupees from 386.8 million rupees, and total operating expenses decreased year over year to 342.4 million rupees from 354.0 million rupees.

The company said reported net income decreased 16.7% year over year to 18.6 million rupees, or 61.95 rupees per share, in the full year, from 22.3 million rupees, or 74.39 rupees per share.

As of March 24, US$1 was equivalent to 35.43 Mauritian rupees.