SJM Co. Ltd. said its normalized net income for the fourth quarter was 304.98 South Korean won per share, an increase of 24.1% from 245.81 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 4.76 billion won, a gain of 24.1% from 3.83 billion won in the prior-year period.

The normalized profit margin increased to 10.5% from 8.1% in the year-earlier period.

Total revenue declined 5.0% year over year to 45.11 billion won from 47.49 billion won, and total operating expenses came to 42.60 billion won, compared with 42.67 billion won in the year-earlier period.

Reported net income rose from the prior-year period to 5.51 billion won, or 353.13 won per share, from 5.36 billion won, or 344.00 won per share.

For the year, the company's normalized net income totaled 768.23 won per share, a decline of 33.7% from 1,159.07 won per share in the prior year.

Normalized net income was 11.99 billion won, a decrease of 33.7% from 18.08 billion won in the prior year.

Full-year total revenue decreased year over year to 176.79 billion won from 180.30 billion won, and total operating expenses increased on an annual basis to 162.47 billion won from 156.91 billion won.

The company said reported net income decreased 31.4% on an annual basis to 15.00 billion won, or 961.32 won per share, in the full year, from 21.86 billion won, or 1,401.00 won per share.

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