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Kangwon Land profit misses consensus by 35.3% in Q4

Kangwon Land Inc. said its normalized net income for the fourth quarter amounted to 326.45 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 504.79 won per share.

In the prior-year period, the per-share result was a profit of 325.79 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 66.18 billion won, compared with 66.14 billion won in the year-earlier period.

The normalized profit margin fell to 16.3% from 17.7% in the year-earlier period.

Total revenue climbed 8.6% on an annual basis to 405.89 billion won from 373.62 billion won, and total operating expenses increased 8.8% from the prior-year period to 293.66 billion won from 269.86 billion won.

Reported net income rose 96.3% on an annual basis to 92.97 billion won, or 458.57 won per share, from 47.36 billion won, or 233.30 won per share.

For the year, the company's normalized net income totaled 1,826.97 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2,163.07 won.

EPS rose 14.6% from 1,593.59 won in the prior year.

Normalized net income was 370.40 billion won, a gain of 14.6% from 323.18 billion won in the prior year.

Full-year total revenue increased 9.2% year over year to 1.634 trillion won from 1.497 trillion won, and total operating expenses grew year over year to 1.048 trillion won from 998.82 billion won.

The company said reported net income increased 22.9% year over year to 441.65 billion won, or 2,178.39 won per share, in the full year, from 359.36 billion won, or 1,772.00 won per share.

As of March 4, US$1 was equivalent to 1,199.94 South Korean won.