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JICO co. swings to loss in Q4

JICO co. Ltd. said its normalized net income for the fourth quarter amounted to a loss of 51.93 South Korean won per share, compared with 1.70 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 1.44 billion won, compared with income of 46.0 million won in the prior-year period.

The normalized profit margin fell to negative 6.5% from 0.2% in the year-earlier period.

Total revenue fell on an annual basis to 21.91 billion won from 22.33 billion won, and total operating expenses increased 6.9% year over year to 23.75 billion won from 22.22 billion won.

Reported net income came to a loss of 1.55 billion won, or a loss of 55.84 won per share, compared to income of 93.3 million won, or 3.44 won per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 84.37 won per share, compared with a loss of 30.41 won per share in the prior year.

Normalized net income was a loss of 2.34 billion won, compared with a loss of 840.8 million won in the prior year.

Full-year total revenue decreased 5.8% year over year to 87.07 billion won from 92.40 billion won, and total operating expenses decreased year over year to 89.70 billion won from 93.20 billion won.

The company said reported net income came to a loss of 3.02 billion won, or a loss of 108.93 won per share, in the full year, compared with a loss of 1.55 billion won, or a loss of 56.00 won per share, the prior year.

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