Y.Z. Queenco Ltd. said its normalized net income for the fourth quarter was a loss of 12 agorot per share, compared with a loss of 9 agorot 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 3.2 million shekels, compared with a loss of 3.3 million shekels in the year-earlier period.

The normalized profit margin declined to negative 21.3% from negative 18.0% in the year-earlier period.

Total revenue declined 8.3% on an annual basis to 16.6 million shekels from 18.1 million shekels, and total operating expenses grew 9.9% on an annual basis to 22.1 million shekels from 20.1 million shekels.

Reported net income totaled a loss of 11.7 million shekels, or a loss of 44 agorot per share, compared to a loss of 7.4 million shekels, or a loss of 21 agorot per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 96 agorot per share, compared with a loss of 64 agorot per share in the prior year.

Normalized net income was a loss of 27.5 million shekels, compared with a loss of 20.6 million shekels in the prior year.

Full-year total revenue decreased 9.8% year over year to 72.0 million shekels from 79.8 million shekels, and total operating expenses fell 18.2% year over year to 86.6 million shekels from 105.8 million shekels.

The company said reported net income came to a loss of 44.1 million shekels, or a loss of 1.53 shekels per share, in the full year, compared with a loss of 63.9 million shekels, or a loss of 1.97 shekels per share, the prior year.

As of March 29, US$1 was equivalent to 3.82 shekels.