Gwangju Shinsegae Co. Ltd. said its normalized net income for the fourth quarter came to 7,172.48 South Korean won per share, an increase of 17.5% from 6,105.59 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 11.48 billion won, an increase of 17.5% from 9.77 billion won in the prior-year period.

The normalized profit margin rose to 21.1% from 18.7% in the year-earlier period.

Total revenue rose on an annual basis to 54.50 billion won from 52.33 billion won, and total operating expenses came to 37.44 billion won, compared with 37.60 billion won in the year-earlier period.

Reported net income rose 19.3% from the prior-year period to 14.28 billion won, or 8,922.15 won per share, from 11.96 billion won, or 7,476.02 won per share.

For the year, the company's normalized net income totaled 23,296.95 won per share, a gain of 8.3% from 21,516.80 won per share in the prior year.

Normalized net income was 37.28 billion won, a gain of 8.3% from 34.43 billion won in the prior year.

Full-year total revenue amounted to 205.33 billion won, compared with 204.82 billion won in the prior year, and total operating expenses fell on an annual basis to 150.56 billion won from 152.98 billion won.

The company said reported net income grew 8.7% year over year to 45.90 billion won, or 28,688.38 won per share, in the full year, from 42.24 billion won, or 26,397.01 won per share.

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