VANCOUVER – Ritchie Bros. Auctioneers Inc. (TSX:RBA) reports it had $22.1 million or 21 cents per share of profit in the fourth quarter, a 16 per cent decline from the year-earlier period.

The Vancouver-based company’s revenue from auction services improved to $117.1 million

However, earnings from operations fell to $33.1 million from $38.8 million as overhead expenses increased. Other sources of income also fell year-to-year.

In the fourth quarter of 2011, revenue had been $113.4 million and net income was $26.8 million or 25 cents per share. The company says the profit would have been higher but for costs related to the acquisition of AssetNation.

For the full year ended Dec. 31, Ritchie Bros. reported $79.5 million of net income or $82.6 million of adjusted net income, equal to 74 cents or 77 cents per share respectively on a diluted basis.

For the previous year ended Dec. 31, 2011, the company had $76.6 million of net income and $73.6 million of adjusted net income, equal to 72 cents and 69 cents per share respectively on a diluted basis.

Revenue from auction services for all of 2012 was $437.95 million, up from $396.1 million in 2011.