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Agabang & Co. swings to profit in Q4

Agabang&Co. said its normalized net income for the fourth quarter came to 10.08 South Korean won per share, compared with a loss of 38.34 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 331.4 million won, compared with a loss of 1.50 billion won in the prior-year period.

The normalized profit margin climbed to 0.9% from negative 4.5% in the year-earlier period.

Total revenue climbed 6.6% on an annual basis to 35.37 billion won from 33.19 billion won, and total operating expenses increased from the prior-year period to 35.90 billion won from 35.37 billion won.

Reported net income came to 294.3 million won, or 8.95 won per share, compared to a loss of 1.43 billion won, or a loss of 36.61 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 43.23 won per share, a gain from 8.39 won per share in the prior year.

Normalized net income was 1.42 billion won, a gain from 287.5 million won in the prior year.

Full-year total revenue declined year over year to 150.26 billion won from 157.32 billion won, and total operating expenses declined 5.4% year over year to 148.72 billion won from 157.21 billion won.

The company said reported net income grew year over year to 2.00 billion won, or 60.87 won per share, in the full year, from 205.6 million won, or 6.00 won per share.

As of March 16, US$1 was equivalent to 1,126.74 South Korean won.