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Yoosung Enterprise Q4 loss narrows YOY

Yoosung Enterprise Co. Ltd. said its normalized net income for the fourth quarter was a loss of 108.10 South Korean won per share, compared with a loss of 236.53 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 a loss of 2.77 billion won, compared with a loss of 6.06 billion won in the year-earlier period.

The normalized profit margin rose to negative 4.1% from negative 8.2% in the year-earlier period.

Total revenue fell 7.3% year over year to 68.18 billion won from 73.52 billion won, and total operating expenses decreased 8.1% year over year to 71.79 billion won from 78.13 billion won.

Reported net income came to 1.05 billion won, or 41.01 won per share, compared to a loss of 5.34 billion won, or a loss of 208.63 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 230.40 won per share, a decline of 25.1% from 307.45 won per share in the prior year.

Normalized net income was 5.91 billion won, a decline of 25.1% from 7.89 billion won in the prior year.

Full-year total revenue decreased 11.7% from the prior-year period to 267.93 billion won from 303.45 billion won, and total operating expenses declined 8.6% on an annual basis to 262.97 billion won from 287.58 billion won.

The company said reported net income declined 28.2% on an annual basis to 11.98 billion won, or 467.19 won per share, in the full year, from 16.70 billion won, or 651.00 won per share.

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