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Cheong Bo Industrial swings to loss in Q4

Cheong Bo Industrial Co. Ltd. said its fourth-quarter normalized net income was a loss of 10.49 South Korean won per share, compared with 25.14 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 a loss of 80.0 million won, compared with income of 138.5 million won in the year-earlier period.

The normalized profit margin dropped to negative 1.6% from 2.3% in the year-earlier period.

Total revenue decreased 15.6% year over year to 5.01 billion won from 5.94 billion won, and total operating expenses decreased 9.1% year over year to 5.15 billion won from 5.66 billion won.

Reported net income came to a loss of 72.6 million won, or a loss of 9.51 won per share, compared to income of 103.9 million won, or 18.86 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 24.25 won per share, a decline of 57.3% from 56.86 won per share in the prior year.

Normalized net income was 167.6 million won, a fall of 47.9% from 321.9 million won in the prior year.

Full-year total revenue decreased 14.1% from the prior-year period to 21.07 billion won from 24.53 billion won, and total operating expenses fell 13.4% year over year to 20.52 billion won from 23.68 billion won.

The company said reported net income declined 38.4% year over year to 345.5 million won, or 50.00 won per share, in the full year, from 560.5 million won, or 99.00 won per share.

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