Ace Bed Co. Ltd. said its normalized net income for the fourth quarter came to 4,739.09 South Korean won per share, an increase of 46.7% from 3,229.76 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 9.07 billion won, a gain of 46.7% from 6.18 billion won in the prior-year period.

The normalized profit margin rose to 15.8% from 13.5% in the year-earlier period.

Total revenue rose 25.6% on an annual basis to 57.41 billion won from 45.71 billion won, and total operating expenses increased 27.0% year over year to 44.24 billion won from 34.84 billion won.

Reported net income grew 43.3% on an annual basis to 11.05 billion won, or 5,773.71 won per share, from 7.71 billion won, or 4,028.86 won per share.

For the year, the company's normalized net income totaled 13,149.85 won per share, a gain of 29.1% from 10,188.91 won per share in the prior year.

Normalized net income was 25.17 billion won, a rise of 29.1% from 19.51 billion won in the prior year.

Full-year total revenue increased 13.9% from the prior-year period to 192.73 billion won from 169.26 billion won, and total operating expenses rose 11.5% on an annual basis to 158.37 billion won from 142.03 billion won.

The company said reported net income increased 28.1% on an annual basis to 30.48 billion won, or 15,919.74 won per share, in the full year, from 23.79 billion won, or 12,425.01 won per share.

As of March 4, US$1 was equivalent to 1,199.94 South Korean won.