International Breweries PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 11 kobo per share, a decline of 48.6% from 21 kobo per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 356.3 million nairas, a decline of 48.5% from 692.2 million nairas in the prior-year period.
The normalized profit margin fell to 6.7% from 14.0% in the year-earlier period.
Total revenue rose 7.9% on an annual basis to 5.34 billion nairas from 4.94 billion nairas, and total operating expenses rose 53.3% from the prior-year period to 4.22 billion nairas from 2.75 billion nairas.
Reported net income rose year over year to 497.3 million nairas, or 15 kobo per share, from 188.5 million nairas, or 6 kobo per share.
For the year, the company's normalized net income totaled 53 kobo per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 78 kobo.
EPS declined 28.3% from 74 kobo in the prior year.
Normalized net income was 1.76 billion nairas, a decline of 28.3% from 2.45 billion nairas in the prior year.
Full-year total revenue rose 11.7% from the prior-year period to 20.65 billion nairas from 18.49 billion nairas, and total operating expenses rose 20.0% on an annual basis to 16.19 billion nairas from 13.48 billion nairas.
The company said reported net income fell 7.6% on an annual basis to 1.95 billion nairas, or 59 kobo per share, in the full year, from 2.11 billion nairas, or 64 kobo per share.
As of May 18, US$1 was equivalent to 199.05 nairas.