Saeron Automotive Corp. said its fourth-quarter normalized net income amounted to 300.26 South Korean won per share, a gain of 14.1% from 263.06 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 5.76 billion won, an increase of 14.2% from 5.05 billion won in the year-earlier period.

The normalized profit margin increased to 10.8% from 9.3% in the year-earlier period.

Total revenue decreased on an annual basis to 53.59 billion won from 54.36 billion won, and total operating expenses came to 46.01 billion won, compared with 46.39 billion won in the prior-year period.

Reported net income rose from the prior-year period to 6.76 billion won, or 352.27 won per share, from 6.64 billion won, or 346.00 won per share.

For the year, the company's normalized net income totaled 961.98 won per share, a fall of 5.7% from 1,020.24 won per share in the prior year.

Normalized net income was 18.47 billion won, a fall of 5.7% from 19.58 billion won in the prior year.

Full-year total revenue decreased year over year to 197.51 billion won from 202.73 billion won, and total operating expenses decreased on an annual basis to 169.56 billion won from 172.98 billion won.

The company said reported net income decreased 9.0% on an annual basis to 22.56 billion won, or 1,174.92 won per share, in the full year, from 24.78 billion won, or 1,291.00 won per share.

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