Guararapes Confecções SA said its fourth-quarter normalized net income came to 1.99 reais per share, a decline of 15.9% from 2.37 reais per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 124.3 million reais, a decline of 15.9% from 147.8 million reais in the year-earlier period.

The normalized profit margin dropped to 7.1% from 9.3% in the year-earlier period.

Total revenue increased 10.9% on an annual basis to 1.76 billion reais from 1.59 billion reais, and total operating expenses rose 16.4% on an annual basis to 1.54 billion reais from 1.32 billion reais.

Reported net income declined 17.1% year over year to 158.6 million reais, or 2.54 reais per share, from 191.4 million reais, or 3.07 reais per share.

For the year, the company's normalized net income totaled 3.79 reais per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4.58 reais.

EPS declined 36.6% from 5.98 reais in the prior year.

Normalized net income was 236.6 million reais, a fall of 36.6% from 373.3 million reais in the prior year.

Full-year total revenue rose 16.5% year over year to 5.51 billion reais from 4.73 billion reais, and total operating expenses rose 22.5% year over year to 5.03 billion reais from 4.10 billion reais.

The company said reported net income declined 27.1% on an annual basis to 350.2 million reais, or 5.61 reais per share, in the full year, from 480.1 million reais, or 7.69 reais per share.

As of Feb. 16, US$1 was equivalent to 4.06 reais.