SJM Holdings Co. Ltd. said its normalized net income for the fourth quarter amounted to 29.14 South Korean won per share, a decrease of 60.1% from 72.94 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 394.9 million won, a decrease of 60.0% from 986.4 million won in the year-earlier period.

The normalized profit margin dropped to 0.8% from 2.0% in the year-earlier period.

Total revenue decreased on an annual basis to 46.51 billion won from 48.78 billion won, and total operating expenses grew on an annual basis to 44.64 billion won from 44.06 billion won.

Reported net income decreased 61.0% from the prior-year period to 823.0 million won, or 60.73 won per share, from 2.11 billion won, or 155.88 won per share.

For the year, the company's normalized net income totaled 195.02 won per share, a fall of 65.0% from 556.45 won per share in the prior year.

Normalized net income was 2.64 billion won, a decline of 64.9% from 7.54 billion won in the prior year.

Full-year total revenue declined year over year to 181.37 billion won from 185.14 billion won, and total operating expenses grew year over year to 167.72 billion won from 161.58 billion won.

The company said reported net income declined 49.2% on an annual basis to 5.67 billion won, or 418.28 won per share, in the full year, from 11.16 billion won, or 824.00 won per share.

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