PT Bayu Buana Tbk said its fourth-quarter normalized net income amounted to 23.62 rupiah per share, compared with 23.43 rupiah per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.34 billion rupiah, compared with 8.28 billion rupiah in the year-earlier period.

The normalized profit margin dropped to 1.5% from 1.7% in the year-earlier period.

Total revenue rose 13.9% on an annual basis to 561.00 billion rupiah from 492.40 billion rupiah, and total operating expenses grew 14.5% year over year to 552.34 billion rupiah from 482.48 billion rupiah.

Reported net income fell from the prior-year period to 9.82 billion rupiah, or 27.80 rupiah per share, from 10.31 billion rupiah, or 29.18 rupiah per share.

For the year, the company's normalized net income totaled 62.61 rupiah per share, a gain of 9.4% from 57.23 rupiah per share in the prior year.

Normalized net income was 22.12 billion rupiah, a gain of 9.4% from 20.22 billion rupiah in the prior year.

Full-year total revenue fell from the prior-year period to 1.573 trillion rupiah from 1.640 trillion rupiah, and total operating expenses declined on an annual basis to 1.552 trillion rupiah from 1.615 trillion rupiah.

The company said reported net income decreased 27.6% year over year to 28.11 billion rupiah, or 79.57 rupiah per share, in the full year, from 38.80 billion rupiah, or 109.85 rupiah per share.

As of April 14, US$1 was equivalent to 13,182.50 rupiah.