KT&G Corp. said its fourth-quarter normalized net income came to 137.63 billion won, a fall of 34.4% from 209.70 billion won in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 17.0% from 20.0% in the year-earlier period.
Total revenue fell 17.5% year over year to 866.70 billion won from 1.050 trillion won, and total operating expenses fell 21.1% year over year to 602.90 billion won from 764.60 billion won.
Reported net income came to 162.20 billion won, compared with 177.49 billion won, or 1,409.74 won per share, in the prior-year period.
For the year, the company's normalized net income totaled 884.00 billion won, an increase from 777.16 billion won in the prior year.
Full-year total revenue rose on an annual basis to 4.170 trillion won from 4.113 trillion won, and total operating expenses fell on an annual basis to 2.804 trillion won from 2.942 trillion won.
The company said reported net income rose on an annual basis to 1.032 trillion won in the full year, from 825.61 billion won, or 6,557.70 won per share.
As of Jan. 21, US$1 was equivalent to 1,209.39 South Korean won.