A/S Kurzemes Atslega 1 said its fourth-quarter normalized net income came to €17,880, a rise from €4,510 in the prior-year period.

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

The normalized profit margin climbed to 3.5% from 1.1% in the year-earlier period.

Total revenue climbed 20.8% year over year to €503,790 from €417,150, and total operating expenses climbed 15.9% on an annual basis to €474,920 from €409,720.

Reported net income grew on an annual basis to €21,000, or 2 cents per share, from €1,800, or 0 cents per share.

For the year, the company's normalized net income totaled €1,020, a decline of 93.5% from €15,640 in the prior year.

Full-year total revenue decreased 9.6% on an annual basis to €1.9 million from €2.1 million, and total operating expenses fell 8.5% on an annual basis to €1.9 million from €2.0 million.

The company said reported net income declined 98.1% year over year to €490, or 0 cents per share, in the full year, from €25,280, or 2 cents per share.