AS Kurzemes Ciltslietu un Maksligas Apseklosanas Stacija said its normalized net income for the fourth quarter was 4 euro cents per share, a decrease of 78.3% from 18 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 €33,670, a decline of 63.7% from €92,700 in the year-earlier period.

The normalized profit margin fell to 13.8% from 29.9% in the year-earlier period.

Total revenue declined 21.5% year over year to €243,480 from €310,150, and total operating expenses increased 16.8% year over year to €188,500 from €161,350.

Reported net income came to €49,090, or 6 cents per share, compared to a loss of €105,040, or a loss of 20 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 8 cents per share, a decrease of 23.9% from 11 cents per share in the prior year.

Normalized net income was €72,790, a decrease of 24.1% from €95,920 in the prior year.

Full-year total revenue declined 10.4% from the prior-year period to €943,950 from €1.1 million, and total operating expenses fell 8.0% year over year to €826,830 from €898,810.

The company said reported net income came to €112,680, or 13 cents per share, in the full year, compared with a loss of €98,090, or a loss of 11 cents per share, the prior year.