Chinyang Chemical Corp. said its normalized net income for the fourth quarter was 38.71 South Korean won per share, a decline of 26.0% from 52.32 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 464.5 million won, a decrease of 26.2% from 629.3 million won in the year-earlier period.

The normalized profit margin dropped to 2.9% from 3.1% in the year-earlier period.

Total revenue decreased 21.1% year over year to 16.13 billion won from 20.46 billion won, and total operating expenses decreased 21.1% from the prior-year period to 15.42 billion won from 19.55 billion won.

Reported net income fell year over year to 803.2 million won, or 66.93 won per share, from 831.0 million won, or 69.09 won per share.

For the year, the company's normalized net income totaled 154.41 won per share, a decrease of 53.8% from 334.54 won per share in the prior year.

Normalized net income was 1.85 billion won, a decline of 53.9% from 4.02 billion won in the prior year.

Full-year total revenue fell 10.7% year over year to 70.80 billion won from 79.32 billion won, and total operating expenses declined 7.3% year over year to 67.93 billion won from 73.27 billion won.

The company said reported net income decreased 51.1% on an annual basis to 2.57 billion won, or 213.92 won per share, in the full year, from 5.25 billion won, or 437.00 won per share.

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