Hwashin Precision Engineering Co. Ltd. said its fourth-quarter normalized net income was 17.80 South Korean won per share, an increase from 35 chon per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 624.0 million won, an increase from 12.3 million won in the prior-year period.

The normalized profit margin rose to 1.1% from 0.0% in the year-earlier period.

Total revenue rose 12.4% on an annual basis to 59.38 billion won from 52.82 billion won, and total operating expenses rose 11.8% year over year to 58.58 billion won from 52.39 billion won.

Reported net income rose year over year to 859.1 million won, or 24.51 won per share, from 280.7 million won, or 8.01 won per share.

For the year, the company's normalized net income totaled 91.41 won per share, a decrease from 95.35 won per share in the prior year.

Normalized net income was 3.20 billion won, a decrease from 3.34 billion won in the prior year.

Full-year total revenue decreased 11.8% on an annual basis to 205.03 billion won from 232.35 billion won, and total operating expenses decreased 11.7% on an annual basis to 200.58 billion won from 227.19 billion won.

The company said reported net income decreased 12.4% year over year to 3.81 billion won, or 108.61 won per share, in the full year, from 4.35 billion won, or 124.00 won per share.

As of March 1, US$1 was equivalent to 1,144.79 South Korean won.