Karsten SA said its fourth-quarter normalized net income came to a loss of 1.08 reais per share, compared with a loss of 1.12 reais per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.7 million reais, compared with a loss of 23.1 million reais in the year-earlier period.

The normalized profit margin climbed to negative 8.4% from negative 24.8% in the year-earlier period.

Total revenue fell 9.2% year over year to 84.6 million reais from 93.1 million reais, and total operating expenses fell 33.4% from the prior-year period to 76.9 million reais from 115.5 million reais.

Reported net income totaled a loss of 11.2 million reais, or a loss of 1.81 reais per share, compared to a loss of 71.5 million reais, or a loss of 3.49 reais per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 5.11 reais per share, compared with a loss of 10.07 reais per share in the prior year.

Normalized net income was a loss of 31.7 million reais, compared with a loss of 62.5 million reais in the prior year.

Full-year total revenue fell 21.1% on an annual basis to 262.7 million reais from 332.9 million reais, and total operating expenses decreased 33.7% on an annual basis to 252.1 million reais from 379.9 million reais.

The company said reported net income totaled a loss of 49.6 million reais, or a loss of 7.99 reais per share, in the full year, compared with a loss of 108.0 million reais, or a loss of 17.41 reais per share, the prior year.

As of March 28, US$1 was equivalent to 3.68 reais.