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Shinsegae Food swings to loss in Q4

Shinsegae Food Inc. said its fourth-quarter normalized net income was a loss of 284.87 South Korean won per share, compared with 321.10 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 1.10 billion won, compared with income of 1.12 billion won in the year-earlier period.

The normalized profit margin dropped to negative 0.5% from 0.6% in the year-earlier period.

Total revenue climbed 34.4% on an annual basis to 238.51 billion won from 177.44 billion won, and total operating expenses climbed 36.3% on an annual basis to 240.04 billion won from 176.16 billion won.

Reported net income came to a loss of 1.70 billion won, or a loss of 437.93 won per share, compared to a loss of 344.2 million won, or a loss of 98.87 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 1,567.96 won per share, a decline of 21.7% from 2,002.37 won per share in the prior year.

Normalized net income was 6.07 billion won, a fall of 11.9% from 6.89 billion won in the prior year.

Full-year total revenue grew 39.0% year over year to 906.40 billion won from 652.14 billion won, and total operating expenses rose 39.4% year over year to 897.53 billion won from 644.04 billion won.

The company said reported net income increased 59.1% on an annual basis to 6.69 billion won, or 1,726.75 won per share, in the full year, from 4.20 billion won, or 1,221.00 won per share.

As of March 3, US$1 was equivalent to 1,211.12 South Korean won.