NEW YORK (AP) — Revlon Inc.’s fourth-quarter profit plunged as the beauty products maker struggled with soft sales and major adjustments related to income taxes

The company reported after the market closed Thursday that it earned $36.4 million, or 70 cents per share, for the quarter that ended Dec. 31. That’s down from $296.2 million, or $5.66 per share, in last year’s fourth-quarter.

Revlon’s revenue declined 2.5 percent to $359.8 million as its sales fell around the globe, except in China.

Excluding beneficial foreign currency fluctuations, its revenue was essentially flat, Revlon said.

For the full year, the company earned $53.4 million, or $1.02 per share, compared with $327.3 million, or $6.26 per share, in 2010. Its annual revenue increased to $1.38 billion from $1.32 billion, largely due to its acquisition of Sinful Colors in March, which was partially offset by lower sales of its beauty tools and products in Venezuela. A fire destroyed Revlon’s plant in Venezuela in June, and the company has not fully resumed business there yet.

The quarterly and full-year results include a tax benefit of $16.9 million in the most recent quarter, compared with a $260.6 million benefit a year earlier. That benefit shrank because Revlon changed how much it set aside for deferred taxes and because its pre-tax income rose in the U.S., but the company said the changes didn’t affect how much the company actually paid in taxes in 2011. Excluding refunds, Revlon paid $20.5 million in taxes in 2011 and $16.2 million in 2010.

Shares of Revlon, which makes Almay beauty supplies, as well as Revlon and other products, rose 14 cents to close at $15.92. They were unchanged following the after-hours report.