Technos S.A. said its fourth-quarter normalized net income was 3 Brazilian centavos per share, a decrease of 88.7% from 28 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 2.8 million reais, a decline of 87.1% from 21.5 million reais in the prior-year period.

The normalized profit margin declined to 2.1% from 14.2% in the year-earlier period.

Total revenue fell 11.7% on an annual basis to 133.1 million reais from 150.8 million reais, and total operating expenses grew 11.0% from the prior-year period to 127.1 million reais from 114.5 million reais.

Reported net income fell 98.0% year over year to 646,970 reais, or 1 centavos per share, from 32.3 million reais, or 41 centavos per share.

For the year, the company's normalized net income totaled 24 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 82 centavos.

EPS declined 44.0% from 43 centavos in the prior year.

Normalized net income was 19.4 million reais, a decline of 42.7% from 33.9 million reais in the prior year.

Full-year total revenue fell on an annual basis to 397.3 million reais from 413.4 million reais, and total operating expenses rose on an annual basis to 365.6 million reais from 348.7 million reais.

The company said reported net income decreased 52.1% year over year to 22.0 million reais, or 27 centavos per share, in the full year, from 45.9 million reais, or 58 centavos per share.

As of Feb. 26, US$1 was equivalent to 3.98 reais.