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Hanwha Galleria Timeworld swings to loss in Q4

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Hanwha Galleria Timeworld swings to loss in Q4

Hanwha Galleria Timeworld Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 460.11 South Korean won per share, compared with 96.22 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 2.71 billion won, compared with income of 567.1 million won in the prior-year period.

The normalized profit margin declined to negative 3.3% from 1.2% in the year-earlier period.

Total revenue climbed 68.8% on an annual basis to 81.50 billion won from 48.29 billion won, and total operating expenses grew 87.3% from the prior-year period to 82.45 billion won from 44.02 billion won.

Reported net income totaled a loss of 2.12 billion won, or a loss of 359.34 won per share, compared to income of 1.38 billion won, or 234.91 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 2,483.62 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 3,124.00 won.

EPS was 1,260.90 won in the prior year.

Normalized net income was a loss of 14.65 billion won, compared with income of 7.43 billion won in the prior year.

Full-year total revenue rose 68.6% year over year to 284.78 billion won from 168.89 billion won, and total operating expenses grew 93.8% on an annual basis to 297.08 billion won from 153.29 billion won.

The company said reported net income came to a loss of 18.65 billion won, or a loss of 3,162.65 won per share, in the full year, compared with income of 8.51 billion won, or 1,444.00 won per share, the prior year.

As of March 1, US$1 was equivalent to 1,144.79 South Korean won.