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Dongwoo Farm to Table Q4 profit climbs YOY

Dongwoo Farm to Table Co. Ltd. said its normalized net income for the fourth quarter amounted to 115.39 South Korean won per share, an increase from 41.30 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 2.63 billion won, a gain from 948.4 million won in the prior-year period.

The normalized profit margin rose to 4.8% from 1.6% in the year-earlier period.

Total revenue declined 6.4% year over year to 54.91 billion won from 58.63 billion won, and total operating expenses grew year over year to 54.46 billion won from 52.62 billion won.

Reported net income decreased 68.0% from the prior-year period to 2.62 billion won, or 115.27 won per share, from 8.18 billion won, or 356.29 won per share.

For the year, the company's normalized net income totaled 278.56 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 717.00 won.

EPS rose from 80.61 won in the prior year.

Normalized net income was 6.52 billion won, a rise from 1.84 billion won in the prior year.

Full-year total revenue grew 9.0% on an annual basis to 239.67 billion won from 219.80 billion won, and total operating expenses increased 9.6% on an annual basis to 234.23 billion won from 213.80 billion won.

The company said reported net income increased on an annual basis to 8.30 billion won, or 355.00 won per share, in the full year, from 1.66 billion won, or 73.00 won per share.

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