Maxigen Biotech Inc. said its fourth-quarter normalized net income was a loss of 24 Taiwan cents per share, compared with a loss of 10 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 a loss of NT$16.9 million, compared with a loss of NT$11.2 million in the prior-year period.

The normalized profit margin dropped to negative 26.2% from negative 20.7% in the year-earlier period.

Total revenue increased 19.1% on an annual basis to NT$64.5 million from NT$54.2 million, and total operating expenses rose 18.7% year over year to NT$90.1 million from NT$76.0 million.

Reported net income totaled a loss of NT$28.4 million, or a loss of 40 cents per share, compared to a loss of NT$18.5 million, or a loss of 17 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 50 cents per share, compared with a loss of 17 cents per share in the prior year.

Normalized net income was a loss of NT$35.5 million, compared with a loss of NT$11.9 million in the prior year.

Full-year total revenue grew 6.4% from the prior-year period to NT$261.5 million from NT$245.7 million, and total operating expenses rose 17.4% year over year to NT$322.0 million from NT$274.3 million.

The company said reported net income totaled a loss of NT$63.0 million, or a loss of 89 cents per share, in the full year, compared with a loss of NT$19.0 million, or a loss of 27 cents per share, the prior year.

As of March 29, US$1 was equivalent to NT$32.58.