Via Varejo SA said its fourth-quarter normalized net income was 7 Brazilian centavos per share, compared with a loss of 8 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 93.1 million reais, compared with a loss of 99.4 million reais in the prior-year period.

The normalized profit margin increased to 1.4% from negative 1.8% in the year-earlier period.

Total revenue climbed 22.0% on an annual basis to 6.67 billion reais from 5.46 billion reais, and total operating expenses rose 18.5% from the prior-year period to 6.19 billion reais from 5.22 billion reais.

Reported net income totaled 75.0 million reais, or 6 centavos per share, compared to a loss of 170.0 million reais, or a loss of 13 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 4 centavos per share, a decrease of 61.9% from 10 centavos per share in the prior year.

Normalized net income was 48.8 million reais, a decrease of 62.0% from 128.1 million reais in the prior year.

Full-year total revenue rose year over year to 19.82 billion reais from 19.27 billion reais, and total operating expenses rose year over year to 18.78 billion reais from 18.25 billion reais.

The company said reported net income totaled a loss of 95.0 million reais, or a loss of 7 centavos per share, in the full year, compared with income of 14.0 million reais, or 1 centavos per share, the prior year.

As of Feb. 23, US$1 was equivalent to 3.07 reais.