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PN Poong Nyun swings to loss in Q4

PN Poong Nyun Co. Ltd. said its normalized net income for the fourth quarter amounted to a loss of 32.20 South Korean won per share, compared with 19.93 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 a loss of 302.6 million won, compared with income of 186.3 million won in the year-earlier period.

The normalized profit margin fell to negative 1.6% from 0.9% in the year-earlier period.

Total revenue decreased 7.5% on an annual basis to 18.77 billion won from 20.28 billion won, and total operating expenses fell year over year to 19.31 billion won from 20.03 billion won.

Reported net income came to a loss of 656.2 million won, or a loss of 69.82 won per share, compared to income of 45.2 million won, or 4.83 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 126.09 won per share, an increase of 27.4% from 98.95 won per share in the prior year.

Normalized net income was 1.19 billion won, a rise of 27.5% from 929.8 million won in the prior year.

Full-year total revenue totaled 74.52 billion won, compared with 74.55 billion won in the prior year, and total operating expenses came to 72.67 billion won, compared with 73.13 billion won in the prior-year period.

The company said reported net income rose 24.3% on an annual basis to 1.32 billion won, or 140.38 won per share, in the full year, from 1.06 billion won, or 113.00 won per share.

As of Feb. 29, US$1 was equivalent to 1,241.88 South Korean won.