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Kyungbang Q4 profit climbs 42.8% YOY

Kyungbang Co. Ltd. said its normalized net income for the fourth quarter came to 194.09 South Korean won per share, a gain of 42.9% from 135.81 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 5.32 billion won, an increase of 42.8% from 3.73 billion won in the year-earlier period.

The normalized profit margin increased to 5.3% from 4.1% in the year-earlier period.

Total revenue grew 9.7% on an annual basis to 100.29 billion won from 91.45 billion won, and total operating expenses grew 8.4% on an annual basis to 88.65 billion won from 81.79 billion won.

Reported net income decreased 63.8% on an annual basis to 1.91 billion won, or 69.73 won per share, from 5.28 billion won, or 192.64 won per share.

For the year, the company's normalized net income totaled 500.21 won per share, a gain of 62.1% from 308.56 won per share in the prior year.

Normalized net income was 13.71 billion won, an increase of 62.1% from 8.46 billion won in the prior year.

Full-year total revenue grew 8.7% year over year to 357.63 billion won from 329.04 billion won, and total operating expenses grew 6.8% year over year to 318.67 billion won from 298.42 billion won.

The company said reported net income increased 45.3% year over year to 16.69 billion won, or 608.92 won per share, in the full year, from 11.49 billion won, or 419.00 won per share.

As of Feb. 24, US$1 was equivalent to 1,234.55 South Korean won.