Singer Industries (Ceylon) PLC said its fourth-quarter normalized net income was 1.28 Sri Lankan rupees per share, an increase of 36.7% from 94 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.9 million rupees, an increase of 36.3% from 3.6 million rupees in the prior-year period.

The normalized profit margin rose to 2.4% from 1.5% in the year-earlier period.

Total revenue decreased 13.5% on an annual basis to 204.9 million rupees from 236.8 million rupees, and total operating expenses decreased 16.5% on an annual basis to 192.7 million rupees from 230.7 million rupees.

Reported net income came to a loss of 5.1 million rupees, or a loss of 1.33 rupees per share, compared to income of 14.6 million rupees, or 3.79 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled 3.33 rupees per share, an increase from 42 cents per share in the prior year.

Normalized net income was 12.8 million rupees, a gain from 1.6 million rupees in the prior year.

Full-year total revenue grew from the prior-year period to 740.1 million rupees from 715.4 million rupees, and total operating expenses totaled 726.5 million rupees, compared with 721.4 million rupees in the prior-year period.

The company said reported net income totaled a loss of 1.6 million rupees, or a loss of 42 cents per share, in the full year, compared with income of 8.0 million rupees, or 2.08 rupees per share, the prior year.

As of March 10, US$1 was equivalent to 145.00 Sri Lankan rupees.