Mao Bao Inc. said its fourth-quarter normalized net income was a loss of 5 Taiwan cents per share, compared with a loss of 12 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$2.0 million, compared with a loss of NT$5.0 million in the prior-year period.

The normalized profit margin climbed to negative 1.3% from negative 3.2% in the year-earlier period.

Total revenue fell year over year to NT$150.6 million from NT$156.5 million, and total operating expenses fell 6.4% from the prior-year period to NT$154.0 million from NT$164.6 million.

Reported net income totaled a loss of NT$3.6 million, or a loss of 8 cents per share, compared to a loss of NT$6.9 million, or a loss of 16 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 12 cents per share, compared with a loss of 17 cents per share in the prior year.

Normalized net income was a loss of NT$5.2 million, compared with a loss of NT$7.2 million in the prior year.

Full-year total revenue rose from the prior-year period to NT$597.4 million from NT$579.2 million, and total operating expenses grew on an annual basis to NT$608.0 million from NT$592.1 million.

The company said reported net income totaled a loss of NT$8.3 million, or a loss of 20 cents per share, in the full year, compared with a loss of NT$10.2 million, or a loss of 24 cents per share, the prior year.

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