PT Pan Brothers Tbk said its fourth-quarter normalized net income came to $2.4 million, a decline of 31.8% from $3.5 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 2.3% from 4.1% in the year-earlier period.

Total revenue climbed 19.3% on an annual basis to $102.3 million from $85.7 million, and total operating expenses grew 25.6% year over year to $101.9 million from $81.1 million.

Reported net income fell 39.9% year over year to $2.6 million, or 0 cents per share, from $4.3 million, or 0 cents per share.

For the year, the company's normalized net income totaled $7.9 million, a decline from $8.3 million in the prior year.

Full-year total revenue grew 23.6% on an annual basis to $418.6 million from $338.5 million, and total operating expenses grew 23.5% on an annual basis to $401.4 million from $325.1 million.

The company said reported net income declined on an annual basis to $9.4 million, or 0 cents per share, in the full year, from $9.6 million, or 0 cents per share.