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Daesang Holdings Q4 profit climbs YOY

Daesang Holdings Co. Ltd. said its normalized net income for the fourth quarter amounted to 185.54 South Korean won per share, a gain from 11.51 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 6.72 billion won, an increase from 427.5 million won in the prior-year period.

The normalized profit margin increased to 0.9% from 0.1% in the year-earlier period.

Total revenue grew year over year to 765.73 billion won from 748.61 billion won, and total operating expenses rose 5.1% on an annual basis to 753.67 billion won from 716.79 billion won.

Reported net income decreased 52.6% on an annual basis to 2.52 billion won, or 69.47 won per share, from 5.31 billion won, or 142.97 won per share.

For the year, the company's normalized net income totaled 863.29 won per share, a gain of 30.7% from 660.45 won per share in the prior year.

Normalized net income was 31.26 billion won, a rise of 27.4% from 24.53 billion won in the prior year.

Full-year total revenue rose on an annual basis to 3.052 trillion won from 2.959 trillion won, and total operating expenses rose on an annual basis to 2.926 trillion won from 2.805 trillion won.

The company said reported net income decreased 34.6% on an annual basis to 23.81 billion won, or 657.56 won per share, in the full year, from 36.44 billion won, or 981.00 won per share.

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