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Binggrae profit misses consensus by 24.4% in full year

Binggrae Co. Ltd. said its full-year normalized net income amounted to 2,350.14 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 3,107.50 won per share.

EPS fell 33.5% year over year from 3,534.88 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.78 billion won, a decline of 33.5% from 31.26 billion won in the year-earlier period.

The normalized profit margin declined to 2.6% from 3.8% in the year-earlier period.

Total revenue decreased year over year to 799.57 billion won from 820.02 billion won, and total operating expenses totaled 770.15 billion won, compared with 776.06 billion won in the year-earlier period.

Reported net income declined 34.7% year over year to 24.65 billion won, or 2,787.48 won per share, from 37.76 billion won, or 4,270.01 won per share.

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