Tae Won Mulsan Co. Ltd. said its fourth-quarter normalized net income amounted to 36.69 South Korean won per share, an increase from 12.96 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 269.0 million won, a gain from 94.0 million won in the prior-year period.

The normalized profit margin climbed to 3.2% from 1.3% in the year-earlier period.

Total revenue grew 17.0% on an annual basis to 8.42 billion won from 7.20 billion won, and total operating expenses grew 13.0% year over year to 8.11 billion won from 7.18 billion won.

Reported net income increased 84.1% on an annual basis to 360.3 million won, or 49.13 won per share, from 195.7 million won, or 26.99 won per share.

For the year, the company's normalized net income totaled 55.28 won per share, a fall of 39.7% from 91.68 won per share in the prior year.

Normalized net income was 405.4 million won, a fall of 39.9% from 674.3 million won in the prior year.

Full-year total revenue declined on an annual basis to 30.49 billion won from 31.59 billion won, and total operating expenses declined on an annual basis to 30.25 billion won from 30.99 billion won.

The company said reported net income fell 17.2% year over year to 676.1 million won, or 92.20 won per share, in the full year, from 816.5 million won, or 111.00 won per share.

As of Feb. 29, US$1 was equivalent to 1,241.88 South Korean won.