Ginebra San Miguel Inc. said its normalized net income for the fourth quarter came to 6 Philippine centavos per share, a decrease of 82.1% from 36 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.3 million pesos, a decrease of 81.7% from 100.0 million pesos in the year-earlier period.

The normalized profit margin dropped to 0.5% from 2.1% in the year-earlier period.

Total revenue increased 8.3% on an annual basis to 5.14 billion pesos from 4.74 billion pesos, and total operating expenses increased 10.4% on an annual basis to 4.89 billion pesos from 4.43 billion pesos.

Reported net income totaled a loss of 409.2 million pesos, or a loss of 1.43 pesos per share, compared to a loss of 455.2 million pesos, or a loss of 1.63 pesos per share, in the year-earlier period.

For the year, the company's normalized net income totaled 26 centavos per share, compared with a loss of 12 centavos per share in the prior year.

Normalized net income was 75.1 million pesos, compared with a loss of 34.0 million pesos in the prior year.

Full-year total revenue increased 11.0% from the prior-year period to 16.55 billion pesos from 14.92 billion pesos, and total operating expenses rose 10.4% on an annual basis to 15.87 billion pesos from 14.37 billion pesos.

The company said reported net income came to a loss of 413.2 million pesos, or a loss of 1.44 pesos per share, in the full year, compared with a loss of 681.7 million pesos, or a loss of 2.37 pesos per share, the prior year.

As of April 14, US$1 was equivalent to 46.12 Philippine pesos.