Shui-Mu International Co. Ltd. said its normalized net income for the fourth quarter was 44 Taiwan cents per share, an increase from 43 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 NT$29.5 million, a gain from NT$28.9 million in the year-earlier period.

The normalized profit margin fell to 5.0% from 5.3% in the year-earlier period.

Total revenue rose 8.8% year over year to NT$594.3 million from NT$546.4 million, and total operating expenses rose 7.6% from the prior-year period to NT$545.9 million from NT$507.2 million.

Reported net income grew 14.8% year over year to NT$44.1 million, or 66 cents per share, from NT$38.4 million, or 57 cents per share.

For the year, the company's normalized net income totaled NT$1.04 per share, a decrease of 31.6% from NT$1.52 per share in the prior year.

Normalized net income was NT$69.6 million, a decline of 26.8% from NT$95.1 million in the prior year.

Full-year total revenue fell 15.7% from the prior-year period to NT$2.23 billion from NT$2.64 billion, and total operating expenses decreased 14.8% year over year to NT$2.13 billion from NT$2.50 billion.

The company said reported net income declined 27.3% year over year to NT$92.3 million, or NT$1.38 per share, in the full year, from NT$126.9 million, or NT$2.03 per share.

As of March 30, US$1 was equivalent to NT$32.18.