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Dae Won San Up swings to profit in Q4

Dae Won San Up Co. Ltd. said its normalized net income for the fourth quarter amounted to 112.74 South Korean won per share, compared with a loss of 185.49 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 2.26 billion won, compared with a loss of 4.74 billion won in the prior-year period.

The normalized profit margin increased to 1.1% from negative 2.4% in the year-earlier period.

Total revenue grew 9.1% on an annual basis to 214.38 billion won from 196.47 billion won, and total operating expenses increased on an annual basis to 205.93 billion won from 197.71 billion won.

Reported net income came to 3.04 billion won, or 151.91 won per share, compared to a loss of 5.79 billion won, or a loss of 226.63 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 268.71 won per share, a decline of 48.6% from 523.14 won per share in the prior year.

Normalized net income was 5.38 billion won, a fall of 48.7% from 10.49 billion won in the prior year.

Full-year total revenue increased 8.5% year over year to 773.53 billion won from 712.95 billion won, and total operating expenses increased 9.2% year over year to 758.22 billion won from 694.24 billion won.

The company said reported net income decreased 51.6% on an annual basis to 6.38 billion won, or 318.18 won per share, in the full year, from 13.18 billion won, or 657.27 won per share.

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