Chokwang Leather Co. Ltd. said its normalized net income for the fourth quarter amounted to 916.51 South Korean won per share, a gain from 883.73 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 3.37 billion won, an increase from 3.25 billion won in the prior-year period.

The normalized profit margin increased to 7.7% from 6.3% in the year-earlier period.

Total revenue decreased 14.7% year over year to 43.62 billion won from 51.14 billion won, and total operating expenses fell 15.8% year over year to 39.00 billion won from 46.32 billion won.

Reported net income grew 16.1% on an annual basis to 4.56 billion won, or 1,240.82 won per share, from 3.92 billion won, or 1,068.05 won per share.

For the year, the company's normalized net income totaled 4,901.96 won per share, a gain from 1,630.58 won per share in the prior year.

Normalized net income was 18.00 billion won, a rise from 5.96 billion won in the prior year.

Full-year total revenue increased 9.2% on an annual basis to 198.57 billion won from 181.88 billion won, and total operating expenses decreased year over year to 171.97 billion won from 174.48 billion won.

The company said reported net income rose on an annual basis to 21.64 billion won, or 5,891.91 won per share, in the full year, from 7.48 billion won, or 2,047.00 won per share.

As of March 16, US$1 was equivalent to 1,126.74 South Korean won.