Sapura Industrial Bhd. said its normalized net income for the fiscal fourth quarter ended Jan. 31 came to 2 Malaysian sen per share, a decrease of 77.3% from 8 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.3 million ringgits, a decline of 77.3% from 5.6 million ringgits in the year-earlier period.

The normalized profit margin dropped to 2.3% from 7.5% in the year-earlier period.

Total revenue declined 26.1% on an annual basis to 54.5 million ringgits from 73.8 million ringgits, and total operating expenses decreased 19.7% year over year to 50.8 million ringgits from 63.3 million ringgits.

Reported net income declined 77.5% on an annual basis to 1.5 million ringgits, or 2 sen per share, from 6.8 million ringgits, or 9 sen per share.

For the year, the company's normalized net income totaled 10 sen per share, a fall of 53.9% from 21 sen per share in the prior year.

Normalized net income was 7.0 million ringgits, a fall of 53.9% from 15.1 million ringgits in the prior year.

Full-year total revenue decreased 15.2% year over year to 232.7 million ringgits from 274.3 million ringgits, and total operating expenses decreased 11.2% year over year to 221.0 million ringgits from 248.8 million ringgits.

The company said reported net income fell 54.8% on an annual basis to 8.2 million ringgits, or 11 sen per share, in the full year, from 18.2 million ringgits, or 25 sen per share.

As of May 29, US$1 was equivalent to 3.66 ringgits.