Panasonic Manufacturing Philippines Corp. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 8 Philippine centavos per share, a decrease of 40.4% from 14 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 34.7 million pesos, a decrease of 40.4% from 58.2 million pesos in the year-earlier period.

The normalized profit margin declined to 2.6% from 3.8% in the year-earlier period.

Total revenue decreased 13.0% year over year to 1.32 billion pesos from 1.52 billion pesos, and total operating expenses fell 13.5% year over year to 1.34 billion pesos from 1.55 billion pesos.

Reported net income declined 44.1% on an annual basis to 36.8 million pesos, or 9 centavos per share, from 65.8 million pesos, or 16 centavos per share.

For the year, the company's normalized net income totaled 33 centavos per share, compared with 33 centavos per share in the prior year.

Normalized net income was 138.0 million pesos, compared with 139.4 million pesos in the prior year.

Full-year total revenue grew from the prior-year period to 6.71 billion pesos from 6.60 billion pesos, and total operating expenses increased on an annual basis to 6.61 billion pesos from 6.52 billion pesos.

The company said reported net income totaled 164.6 million pesos, or 39 centavos per share, in the full year, compared with 163.4 million pesos, or 39 centavos per share, the prior year.

As of May 14, US$1 was equivalent to 44.48 Philippine pesos.