Harboes Bryggeri A/S said its normalized net income for the fiscal fourth quarter ended April 30 came to 76 Danish øre per share, compared with the S&P Capital IQ consensus estimate of 28 øre per share.

The per-share result swung to a profit from the prior-year loss of 27 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.5 million kroner, compared with a loss of 1.2 million kroner in the year-earlier period.

The normalized profit margin rose to 1.1% from negative 0.4% in the year-earlier period.

Total revenue declined 5.5% year over year to 328.6 million kroner from 347.7 million kroner, and total operating expenses declined 7.5% from the prior-year period to 321.8 million kroner from 348.1 million kroner.

Reported net income increased year over year to 3.7 million kroner, or 81 øre per share, from 3.6 million kroner, or 77 øre per share.

For the year, the company's normalized net income totaled 4.48 kroner per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4.34 kroner.

EPS rose from 92 øre in the prior year.

Normalized net income was 20.9 million kroner, a rise from 4.8 million kroner in the prior year.

Full-year total revenue decreased year over year to 1.37 billion kroner from 1.42 billion kroner, and total operating expenses decreased 5.2% year over year to 1.33 billion kroner from 1.41 billion kroner.

The company said reported net income grew on an annual basis to 24.0 million kroner, or 5.15 kroner per share, in the full year, from 10.6 million kroner, or 2.02 kroner per share.

As of July 2, US$1 was equivalent to 6.71 Danish kroner.