Sajo Oyang Corp. said its normalized net income for the fourth quarter was a loss of 129.16 South Korean won per share, compared with 50.24 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 a loss of 1.22 billion won, compared with income of 474.6 million won in the prior-year period.

The normalized profit margin fell to negative 1.5% from 0.7% in the year-earlier period.

Total revenue climbed 22.5% on an annual basis to 83.10 billion won from 67.85 billion won, and total operating expenses increased 19.8% on an annual basis to 80.41 billion won from 67.13 billion won.

Reported net income totaled a loss of 2.18 billion won, or a loss of 230.96 won per share, compared to income of 517.7 million won, or 54.80 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1,004.13 won per share, a decline from 1,037.70 won per share in the prior year.

Normalized net income was 9.46 billion won, a gain of 28.3% from 7.37 billion won in the prior year.

Full-year total revenue increased 43.2% year over year to 279.10 billion won from 194.92 billion won, and total operating expenses increased 39.3% year over year to 258.58 billion won from 185.66 billion won.

The company said reported net income rose 20.1% year over year to 11.34 billion won, or 1,203.98 won per share, in the full year, from 9.45 billion won, or 1,329.00 won per share.

As of March 1, US$1 was equivalent to 1,144.79 South Korean won.