GFun Industrial Corp. said its normalized net income for the fourth quarter amounted to a loss of 19 Taiwan cents per share, compared with a loss of 15 cents 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 NT$6.5 million, compared with a loss of NT$5.3 million in the year-earlier period.

The normalized profit margin declined to negative 3.1% from negative 1.8% in the year-earlier period.

Total revenue decreased 28.1% on an annual basis to NT$213.2 million from NT$296.4 million, and total operating expenses fell 34.7% on an annual basis to NT$201.4 million from NT$308.3 million.

Reported net income came to a loss of NT$27.2 million, or a loss of 80 cents per share, compared to a loss of NT$7.2 million, or a loss of 21 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 74 cents per share, a gain of 65.7% from 45 cents per share in the prior year.

Normalized net income was NT$25.6 million, a gain of 65.7% from NT$15.4 million in the prior year.

Full-year total revenue declined 16.6% from the prior-year period to NT$957.1 million from NT$1.15 billion, and total operating expenses decreased 20.6% on an annual basis to NT$896.2 million from NT$1.13 billion.

The company said reported net income declined 25.4% year over year to NT$15.1 million, or 44 cents per share, in the full year, from NT$20.3 million, or 59 cents per share.

As of March 29, US$1 was equivalent to NT$32.58.