Multicampus Corp. said its fourth-quarter normalized net income was 317.78 South Korean won per share, a decline of 20.3% from 398.87 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.88 billion won, a decrease of 20.5% from 2.36 billion won in the prior-year period.

The normalized profit margin declined to 5.0% from 7.4% in the year-earlier period.

Total revenue rose 19.1% on an annual basis to 37.85 billion won from 31.78 billion won, and total operating expenses grew 22.5% year over year to 35.09 billion won from 28.65 billion won.

Reported net income declined 5.4% from the prior-year period to 2.70 billion won, or 456.89 won per share, from 2.86 billion won, or 481.98 won per share.

For the year, the company's normalized net income totaled 1,426.55 won per share, a fall from 1,483.69 won per share in the prior year.

Normalized net income was 8.45 billion won, a decline from 8.79 billion won in the prior year.

Full-year total revenue increased 5.4% on an annual basis to 135.58 billion won from 128.58 billion won, and total operating expenses increased 5.8% year over year to 123.63 billion won from 116.85 billion won.

The company said reported net income totaled 10.40 billion won, or 1,755.14 won per share, in the full year, compared with 10.42 billion won, or 1,759.00 won per share, the prior year.

As of March 3, US$1 was equivalent to 1,211.12 South Korean won.