Pungguk Ethanol Industrial Co. Ltd. said its normalized net income for the fourth quarter came to 101.56 South Korean won per share, an increase from 27.28 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.28 billion won, an increase from 344.3 million won in the year-earlier period.

The normalized profit margin climbed to 5.0% from 1.1% in the year-earlier period.

Total revenue decreased 16.3% on an annual basis to 25.81 billion won from 30.82 billion won, and total operating expenses declined 20.0% on an annual basis to 24.06 billion won from 30.09 billion won.

Reported net income rose from the prior-year period to 1.41 billion won, or 112.11 won per share, from 406.3 million won, or 32.19 won per share.

For the year, the company's normalized net income totaled 495.86 won per share, an increase of 28.9% from 384.75 won per share in the prior year.

Normalized net income was 6.25 billion won, a rise of 28.8% from 4.85 billion won in the prior year.

Full-year total revenue decreased 5.9% from the prior-year period to 101.46 billion won from 107.83 billion won, and total operating expenses fell 8.2% year over year to 91.12 billion won from 99.24 billion won.

The company said reported net income rose 24.0% year over year to 7.65 billion won, or 606.86 won per share, in the full year, from 6.17 billion won, or 489.33 won per share.

As of March 10, US$1 was equivalent to 1,203.54 South Korean won.