Yeo Hiap Seng Ltd. said its fourth-quarter normalized net income was S$5.6 million, a decline of 7.3% from S$6.1 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin fell to 5.9% from 6.1% in the year-earlier period.
Total revenue declined year over year to S$95.6 million from S$99.7 million, and total operating expenses declined 5.0% on an annual basis to S$88.7 million from S$93.3 million.
Reported net income increased 7.3% from the prior-year period to S$14.3 million, or 2 cents per share, from S$13.3 million, or 2 cents per share.
For the year, the company's normalized net income totaled 4 cents per share, a gain of 28.4% from 3 cents per share in the prior year.
Normalized net income was S$22.2 million, a gain of 28.7% from S$17.2 million in the prior year.
Full-year total revenue increased on an annual basis to S$443.5 million from S$437.6 million, and total operating expenses totaled S$419.2 million, compared with S$417.1 million in the prior-year period.
The company said reported net income increased 27.1% year over year to S$36.8 million, or 6 cents per share, in the full year, from S$29.0 million, or 5 cents per share.
As of March 30, US$1 was equivalent to S$1.35.