Federal Corp. said its normalized net income for the fourth quarter was 19 Taiwan cents per share, a gain of 24.4% from 15 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 NT$88.0 million, an increase of 24.3% from NT$70.8 million in the prior-year period.

The normalized profit margin climbed to 5.6% from 3.9% in the year-earlier period.

Total revenue declined on an annual basis to NT$1.74 billion from NT$1.81 billion, and total operating expenses decreased 7.3% year over year to NT$1.61 billion from NT$1.74 billion.

Reported net income rose 31.3% year over year to NT$113.6 million, or 24 cents per share, from NT$86.5 million, or 19 cents per share.

For the year, the company's normalized net income totaled 96 cents per share, an increase of 24.2% from 77 cents per share in the prior year.

Normalized net income was NT$442.1 million, a rise of 24.2% from NT$356.1 million in the prior year.

Full-year total revenue fell year over year to NT$7.54 billion from NT$7.66 billion, and total operating expenses fell year over year to NT$6.88 billion from NT$7.14 billion.

The company said reported net income rose 28.7% year over year to NT$546.9 million, or NT$1.19 per share, in the full year, from NT$424.9 million, or 92 cents per share.

As of March 24, US$1 was equivalent to NT$32.51.