Yong Pyong Resort Corp. said its fourth-quarter normalized net income came to 60.14 South Korean won per share, a decline of 45.0% from 109.39 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 2.90 billion won, a decline of 30.4% from 4.16 billion won in the prior-year period.
The normalized profit margin dropped to 5.7% from 7.1% in the year-earlier period.
Total revenue decreased 13.6% year over year to 50.76 billion won from 58.73 billion won, and total operating expenses declined 12.5% from the prior-year period to 43.21 billion won from 49.39 billion won.
Reported net income declined 8.9% on an annual basis to 3.70 billion won, or 76.86 won per share, from 4.07 billion won, or 106.94 won per share.
For the year, the company's normalized net income totaled 264.59 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 361.00 won.
EPS rose 20.7% from 219.20 won in the prior year.
Normalized net income was 11.70 billion won, an increase of 40.7% from 8.32 billion won in the prior year.
Full-year total revenue grew 19.5% from the prior-year period to 210.70 billion won from 176.30 billion won, and total operating expenses rose 20.3% year over year to 180.33 billion won from 149.87 billion won.
The company said reported net income rose 23.3% year over year to 14.32 billion won, or 323.76 won per share, in the full year, from 11.61 billion won, or 306.00 won per share.
As of March 16, US$1 was equivalent to 1,126.74 South Korean won.