Hotel Royal Chihpen said its normalized net income for the fourth quarter came to 22 Taiwan cents per share, a decline of 20.4% from 28 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$8.9 million, a decrease of 19.2% from NT$11.0 million in the year-earlier period.

The normalized profit margin dropped to 10.2% from 12.2% in the year-earlier period.

Total revenue fell year over year to NT$86.9 million from NT$90.0 million, and total operating expenses totaled NT$72.9 million, compared with NT$73.0 million in the year-earlier period.

Reported net income declined 18.4% from the prior-year period to NT$11.8 million, or 30 cents per share, from NT$14.5 million, or 37 cents per share.

For the year, the company's normalized net income totaled 79 cents per share, a decrease of 26.8% from NT$1.08 per share in the prior year.

Normalized net income was NT$30.8 million, a decrease of 26.5% from NT$41.9 million in the prior year.

Full-year total revenue decreased 5.8% from the prior-year period to NT$330.6 million from NT$351.0 million, and total operating expenses came to NT$284.4 million, compared with NT$287.1 million in the year-earlier period.

The company said reported net income declined 26.6% on an annual basis to NT$41.0 million, or NT$1.05 per share, in the full year, from NT$55.8 million, or NT$1.44 per share.

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