Golfzonyouwonholdings Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 60.99 South Korean won per share, compared with a loss of 108.64 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 2.61 billion won, compared with a loss of 3.99 billion won in the year-earlier period.

The normalized profit margin rose to negative 6.0% from negative 13.5% in the year-earlier period.

Total revenue increased 46.2% on an annual basis to 43.18 billion won from 29.54 billion won, and total operating expenses increased 22.9% year over year to 42.90 billion won from 34.92 billion won.

Reported net income came to a loss of 5.21 billion won, or a loss of 121.66 won per share, compared to a loss of 5.68 billion won, or a loss of 154.74 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 286.46 won per share, compared with 22.13 won per share in the prior year.

Normalized net income was a loss of 10.81 billion won, compared with income of 813.4 million won in the prior year.

Full-year total revenue increased 35.2% on an annual basis to 164.54 billion won from 121.69 billion won, and total operating expenses grew 24.0% year over year to 174.38 billion won from 140.67 billion won.

The company said reported net income came to a loss of 22.98 billion won, or a loss of 608.82 won per share, in the full year, compared with a loss of 5.10 billion won, or a loss of 138.84 won per share, the prior year.

As of March 10, US$1 was equivalent to 1,203.54 South Korean won.