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Sajo Oyang swings to profit in Q4

Sajo Oyang Corp. said its normalized net income for the fourth quarter amounted to 50.23 South Korean won per share, compared with a loss of 391.95 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 474.6 million won, compared with a loss of 1.70 billion won in the year-earlier period.

The normalized profit margin climbed to 0.7% from negative 5.1% in the year-earlier period.

Total revenue climbed year over year to 67.85 billion won from 33.25 billion won, and total operating expenses rose 84.1% year over year to 67.13 billion won from 36.46 billion won.

Reported net income came to 517.7 million won, or 54.79 won per share, compared to a loss of 1.20 billion won, or a loss of 275.35 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 1,037.79 won per share, compared with a loss of 791.84 won per share in the prior year.

Normalized net income was 7.37 billion won, compared with a loss of 3.45 billion won in the prior year.

Full-year total revenue increased 74.3% on an annual basis to 194.92 billion won from 111.84 billion won, and total operating expenses rose 57.8% year over year to 185.66 billion won from 117.65 billion won.

The company said reported net income came to 9.45 billion won, or 1,329.11 won per share, in the full year, compared with a loss of 2.98 billion won, or a loss of 684.00 won per share, the prior year.

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