Dongwon F&B Co. Ltd. said its normalized net income for the fourth quarter was 21.34 South Korean won per share, a decline of 97.7% from 934.16 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 82.3 million won, a decrease of 97.7% from 3.61 billion won in the year-earlier period.

The normalized profit margin declined to 0.0% from 0.9% in the year-earlier period.

Total revenue rose 11.0% year over year to 449.54 billion won from 405.15 billion won, and total operating expenses grew 12.9% from the prior-year period to 449.54 billion won from 398.25 billion won.

Reported net income declined 93.7% year over year to 266.6 million won, or 69.08 won per share, from 4.26 billion won, or 1,105.03 won per share.

For the year, the company's normalized net income totaled 11,915.43 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 16,374.00 won.

EPS declined 5.3% from 12,583.80 won in the prior year.

Normalized net income was 45.98 billion won, a decrease of 5.3% from 48.56 billion won in the prior year.

Full-year total revenue increased 7.6% year over year to 1.931 trillion won from 1.795 trillion won, and total operating expenses rose 8.3% year over year to 1.854 trillion won from 1.713 trillion won.

The company said reported net income decreased on an annual basis to 56.85 billion won, or 14,730.52 won per share, in the full year, from 59.24 billion won, or 15,350.00 won per share.

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