AS Rigas Autoelektroaparatu Rupnica said its normalized net income for the fourth quarter was a loss of 3 euro cents per share, compared with a loss of 2 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 a loss of €112,070, compared with a loss of €75,430 in the prior-year period.

The normalized profit margin increased to negative 59.8% from negative 68.0% in the year-earlier period.

Total revenue increased year over year to €380,850 from €110,970, and total operating expenses climbed year over year to €561,760 from €203,720.

Reported net income totaled €80,000, or 2 cents per share, compared to a loss of €118,280, or a loss of 3 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 7 cents per share, compared with a loss of 6 cents per share in the prior year.

Normalized net income was a loss of €247,940, compared with a loss of €218,390 in the prior year.

Full-year total revenue fell 12.6% from the prior-year period to €567,350 from €649,500, and total operating expenses declined year over year to €932,080 from €946,220.

The company said reported net income came to €47,790, or 1 cents per share, in the full year, compared with a loss of €299,550, or a loss of 8 cents per share, the prior year.