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Modetour Network Q4 profit falls YOY

Modetour Network Inc. said its normalized net income for the fourth quarter came to 66.29 South Korean won per share, a decline of 43.1% from 116.48 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 1.21 billion won, a decrease of 43.5% from 2.14 billion won in the prior-year period.

The normalized profit margin declined to 2.3% from 5.2% in the year-earlier period.

Total revenue climbed 29.4% on an annual basis to 52.91 billion won from 40.88 billion won, and total operating expenses increased 42.3% on an annual basis to 51.79 billion won from 36.40 billion won.

Reported net income decreased 91.9% year over year to 286.3 million won, or 15.70 won per share, from 3.53 billion won, or 192.24 won per share.

For the year, the company's normalized net income totaled 634.82 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 868.99 won.

EPS rose from 613.74 won in the prior year.

Normalized net income was 11.63 billion won, a rise from 11.27 billion won in the prior year.

Full-year total revenue rose 24.1% year over year to 204.32 billion won from 164.69 billion won, and total operating expenses grew 27.3% on an annual basis to 188.46 billion won from 148.07 billion won.

The company said reported net income declined 13.7% year over year to 13.24 billion won, or 722.41 won per share, in the full year, from 15.34 billion won, or 835.57 won per share.

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