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Nexen Q4 profit climbs 8.5% YOY

Nexen Corp. said its normalized net income for the fourth quarter came to 305.22 South Korean won per share, an increase of 15.9% from 263.29 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 15.53 billion won, a gain of 8.5% from 14.31 billion won in the prior-year period.

The normalized profit margin increased to 19.4% from 18.6% in the year-earlier period.

Total revenue rose on an annual basis to 80.13 billion won from 76.99 billion won, and total operating expenses rose year over year to 55.95 billion won from 53.86 billion won.

Reported net income declined 5.8% year over year to 23.30 billion won, or 457.97 won per share, from 24.73 billion won, or 454.93 won per share.

For the year, the company's normalized net income totaled 1,350.75 won per share, a gain of 39.6% from 967.86 won per share in the prior year.

Normalized net income was 68.73 billion won, a rise of 30.7% from 52.58 billion won in the prior year.

Full-year total revenue increased year over year to 321.41 billion won from 306.14 billion won, and total operating expenses decreased year over year to 212.34 billion won from 220.40 billion won.

The company said reported net income rose 19.7% year over year to 93.11 billion won, or 1,829.99 won per share, in the full year, from 77.79 billion won, or 1,432.00 won per share.

As of March 6, US$1 was equivalent to 1,154.37 South Korean won.