Pusan Cast Iron Co. Ltd. said its normalized net income for the fourth quarter was 25.09 South Korean won per share, a decline of 29.3% from 35.50 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 491.9 million won, a decrease of 25.4% from 659.3 million won in the prior-year period.

The normalized profit margin declined to 1.0% from 1.2% in the year-earlier period.

Total revenue declined 10.3% year over year to 48.71 billion won from 54.31 billion won, and total operating expenses fell 10.9% from the prior-year period to 46.31 billion won from 52.00 billion won.

Reported net income declined 27.2% year over year to 557.0 million won, or 28.40 won per share, from 764.9 million won, or 41.19 won per share.

For the year, the company's normalized net income totaled a loss of 47.85 won per share, compared with 59.53 won per share in the prior year.

Normalized net income was a loss of 689.2 million won, compared with income of 829.6 million won in the prior year.

Full-year total revenue decreased 5.1% year over year to 192.13 billion won from 202.42 billion won, and total operating expenses fell on an annual basis to 188.71 billion won from 195.30 billion won.

The company said reported net income came to a loss of 879.4 million won, or a loss of 61.05 won per share, in the full year, compared with income of 975.5 million won, or 70.00 won per share, the prior year.

As of Feb. 29, US$1 was equivalent to 1,241.88 South Korean won.