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Welcron Q4 profit falls YOY

Welcron Co. Ltd. said its fourth-quarter normalized net income amounted to 4.18 South Korean won per share, a decrease of 92.8% from 58.27 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 106.5 million won, a decline of 92.5% from 1.42 billion won in the prior-year period.

The normalized profit margin declined to 0.1% from 2.3% in the year-earlier period.

Total revenue increased 22.9% year over year to 75.12 billion won from 61.15 billion won, and total operating expenses increased 24.7% on an annual basis to 73.84 billion won from 59.20 billion won.

Reported net income came to a loss of 2.2 million won, or a loss of 9 chon per share, compared to a loss of 343.4 million won, or a loss of 14.09 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 87.44 won per share, a decrease of 42.0% from 150.68 won per share in the prior year.

Normalized net income was 2.23 billion won, a fall of 40.5% from 3.74 billion won in the prior year.

Full-year total revenue rose 6.8% from the prior-year period to 251.50 billion won from 235.45 billion won, and total operating expenses increased 9.5% year over year to 251.97 billion won from 230.18 billion won.

The company said reported net income came to a loss of 691.8 million won, or a loss of 27.15 won per share, in the full year, compared with income of 348.9 million won, or 14.04 won per share, the prior year.

As of March 16, US$1 was equivalent to 1,126.74 South Korean won.