Wooshin Systems Co. Ltd. said its normalized net income for the fourth quarter came to 267.42 South Korean won per share, a decrease of 38.9% from 437.56 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 4.37 billion won, a decrease of 26.6% from 5.96 billion won in the year-earlier period.

The normalized profit margin declined to 5.6% from 8.6% in the year-earlier period.

Total revenue increased 12.6% on an annual basis to 78.28 billion won from 69.52 billion won, and total operating expenses grew 20.7% year over year to 72.43 billion won from 59.99 billion won.

Reported net income fell 59.1% from the prior-year period to 3.33 billion won, or 203.85 won per share, from 8.15 billion won, or 598.76 won per share.

For the year, the company's normalized net income totaled 750.95 won per share, a gain from 729.37 won per share in the prior year.

Normalized net income was 11.66 billion won, an increase of 20.1% from 9.71 billion won in the prior year.

Full-year total revenue increased from the prior-year period to 262.99 billion won from 257.67 billion won, and total operating expenses rose on an annual basis to 246.84 billion won from 241.12 billion won.

The company said reported net income grew 25.1% on an annual basis to 15.13 billion won, or 974.00 won per share, in the full year, from 12.09 billion won, or 908.00 won per share.

As of March 14, US$1 was equivalent to 1,188.55 South Korean won.