Daehan Synthetic Fiber Co. Ltd. said its normalized net income for the fourth quarter amounted to a loss of 933.75 South Korean won per share, compared with a loss of 2,652.75 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 1.05 billion won, compared with a loss of 2.99 billion won in the prior-year period.

The normalized profit margin increased to negative 3.7% from negative 10.7% in the year-earlier period.

Total revenue grew on an annual basis to 28.72 billion won from 27.98 billion won, and total operating expenses decreased 7.5% from the prior-year period to 29.93 billion won from 32.35 billion won.

Reported net income came to 1.18 billion won, or 1,046.29 won per share, compared to a loss of 14.93 billion won, or a loss of 13,270.70 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 337.57 won per share, compared with a loss of 6,879.65 won per share in the prior year.

Normalized net income was 379.2 million won, compared with a loss of 7.73 billion won in the prior year.

Full-year total revenue fell 22.7% on an annual basis to 104.63 billion won from 135.36 billion won, and total operating expenses fell 28.1% on an annual basis to 106.61 billion won from 148.20 billion won.

The company said reported net income totaled 15.34 billion won, or 13,653.91 won per share, in the full year, compared with a loss of 15.62 billion won, or a loss of 13,909.01 won per share, the prior year.

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