Daedong Gear Co., Ltd. said its fourth-quarter normalized net income was 470.51 South Korean won per share, a decrease of 38.2% from 761.78 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 422.9 million won, a decrease of 38.1% from 683.3 million won in the prior-year period.

The normalized profit margin fell to 1.3% from 1.9% in the year-earlier period.

Total revenue declined 5.9% year over year to 33.71 billion won from 35.84 billion won, and total operating expenses fell 5.3% year over year to 32.89 billion won from 34.73 billion won.

Reported net income increased from the prior-year period to 2.01 billion won, or 2,237.29 won per share, from 893.9 million won, or 996.62 won per share.

For the year, the company's normalized net income totaled a loss of 505.12 won per share, compared with a loss of 345.60 won per share in the prior year.

Normalized net income was a loss of 454.0 million won, compared with a loss of 310.4 million won in the prior year.

Full-year total revenue declined 9.9% year over year to 114.85 billion won from 127.51 billion won, and total operating expenses decreased 10.0% year over year to 114.60 billion won from 127.26 billion won.

The company said reported net income increased on an annual basis to 887.1 million won, or 987.09 won per share, in the full year, from 141.0 million won, or 157.00 won per share.

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