Samyang Tongsang Co. Ltd. said its fourth-quarter normalized net income amounted to 1,957.99 South Korean won per share, an increase of 80.6% from 1,084.21 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 5.87 billion won, a gain of 80.7% from 3.25 billion won in the year-earlier period.

The normalized profit margin rose to 12.4% from 5.9% in the year-earlier period.

Total revenue fell 13.8% on an annual basis to 47.33 billion won from 54.93 billion won, and total operating expenses declined 27.7% from the prior-year period to 37.03 billion won from 51.20 billion won.

Reported net income rose 86.7% from the prior-year period to 6.92 billion won, or 2,306.94 won per share, from 3.71 billion won, or 1,236.24 won per share.

For the year, the company's normalized net income totaled 6,283.50 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 6,357.00 won.

EPS rose from 1,954.02 won in the prior year.

Normalized net income was 18.85 billion won, an increase from 5.86 billion won in the prior year.

Full-year total revenue fell 9.0% from the prior-year period to 195.77 billion won from 215.04 billion won, and total operating expenses decreased 18.9% year over year to 164.66 billion won from 203.00 billion won.

The company said reported net income increased year over year to 22.85 billion won, or 7,618.03 won per share, in the full year, from 10.53 billion won, or 3,509.00 won per share.

As of March 9, US$1 was equivalent to 1,156.98 South Korean won.