JOSAPAR Joaquim Oliveira S.A. Participações said its fourth-quarter normalized net income amounted to 1.38 reais per share, an increase of 60.5% from 86 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 14.6 million reais, a gain of 60.5% from 9.1 million reais in the year-earlier period.

The normalized profit margin increased to 4.6% from 3.1% in the year-earlier period.

Total revenue climbed 6.9% year over year to 315.9 million reais from 295.7 million reais, and total operating expenses increased 5.3% on an annual basis to 287.2 million reais from 272.7 million reais.

Reported net income rose 71.7% year over year to 16.2 million reais, or 1.53 reais per share, from 9.4 million reais, or 89 centavos per share.

For the year, the company's normalized net income totaled 3.04 reais per share, an increase of 26.6% from 2.40 reais per share in the prior year.

Normalized net income was 26.0 million reais, an increase of 30.2% from 20.0 million reais in the prior year.

Full-year total revenue rose from the prior-year period to 1.06 billion reais from 1.03 billion reais, and total operating expenses grew year over year to 969.3 million reais from 951.2 million reais.

The company said reported net income grew 17.8% year over year to 24.2 million reais, or 2.83 reais per share, in the full year, from 20.5 million reais, or 2.47 reais per share.

As of March 24, US$1 was equivalent to 3.70 reais.