Wulff-Yhtiöt Oyj said its fourth-quarter normalized net income came to €422,880, compared with a loss of €35,250 in the year-earlier period.

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

The normalized profit margin rose to 2.3% from negative 0.2% in the year-earlier period.

Total revenue decreased 9.2% year over year to €18.6 million from €20.5 million, and total operating expenses fell 10.8% on an annual basis to €17.9 million from €20.1 million.

Reported net income decreased 63.5% year over year to €519,000, or 8 cents per share, from €1.4 million, or 22 cents per share.

For the year, the company's normalized net income totaled 12 cents per share, compared with a loss of 7 cents per share in the prior year.

Normalized net income was €762,500, compared with a loss of €482,250 in the prior year.

Full-year total revenue decreased 7.3% from the prior-year period to €68.8 million from €74.3 million, and total operating expenses declined 9.6% on an annual basis to €67.5 million from €74.6 million.

The company said reported net income came to a loss of €195,000, or a loss of 3 cents per share, in the full year, compared with income of €696,000, or 11 cents per share, the prior year.