Great Tree Pharmacy Co. Ltd. said its normalized net income for the fourth quarter was 89 Taiwan cents per share, a decline of 18.4% from NT$1.08 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$26.9 million, a decline of 12.5% from NT$30.8 million in the year-earlier period.

The normalized profit margin fell to 4.4% from 6.2% in the year-earlier period.

Total revenue grew 22.9% year over year to NT$607.8 million from NT$494.6 million, and total operating expenses increased 24.5% year over year to NT$575.3 million from NT$462.2 million.

Reported net income fell 12.8% on an annual basis to NT$35.4 million, or NT$1.16 per share, from NT$40.6 million, or NT$1.43 per share.

For the year, the company's normalized net income totaled NT$2.16 per share, a fall of 19.0% from NT$2.66 per share in the prior year.

Normalized net income was NT$61.8 million, a decrease of 15.9% from NT$73.5 million in the prior year.

Full-year total revenue rose 29.9% on an annual basis to NT$2.16 billion from NT$1.66 billion, and total operating expenses rose 33.0% on an annual basis to NT$2.10 billion from NT$1.58 billion.

The company said reported net income decreased 19.1% on an annual basis to NT$77.4 million, or NT$2.70 per share, in the full year, from NT$95.8 million, or NT$3.47 per share.

As of Feb. 18, US$1 was equivalent to NT$33.28.