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Woosung Feed Q4 profit climbs YOY

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Woosung Feed Q4 profit climbs YOY

Woosung Feed Co. Ltd. said its fourth-quarter normalized net income was 82.76 South Korean won per share, an increase from 40 chon per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.13 billion won, a gain from 10.4 million won in the year-earlier period.

The normalized profit margin climbed to 2.8% from 0.0% in the year-earlier period.

Total revenue declined 13.1% on an annual basis to 75.51 billion won from 86.93 billion won, and total operating expenses decreased 11.6% year over year to 75.25 billion won from 85.14 billion won.

Reported net income totaled 2.39 billion won, or 92.79 won per share, compared to a loss of 33.9 million won, or a loss of 1.30 won per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 95.43 won per share, compared with 138.20 won per share in the prior year.

Normalized net income was a loss of 2.45 billion won, compared with income of 3.56 billion won in the prior year.

Full-year total revenue decreased 7.0% year over year to 313.89 billion won from 337.65 billion won, and total operating expenses declined 6.4% year over year to 310.42 billion won from 331.51 billion won.

The company said reported net income came to a loss of 5.42 billion won, or a loss of 210.76 won per share, in the full year, compared with income of 4.09 billion won, or 159.00 won per share, the prior year.

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