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ESTec Q4 profit climbs 56.8% YOY

ESTec Corp. said its fourth-quarter normalized net income came to 494.15 South Korean won per share, an increase of 56.7% from 315.43 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 4.16 billion won, a gain of 56.8% from 2.65 billion won in the prior-year period.

The normalized profit margin rose to 5.3% from 3.6% in the year-earlier period.

Total revenue climbed 7.0% on an annual basis to 77.98 billion won from 72.86 billion won, and total operating expenses grew 5.5% from the prior-year period to 73.53 billion won from 69.72 billion won.

Reported net income rose 44.8% on an annual basis to 4.12 billion won, or 490.38 won per share, from 2.85 billion won, or 338.91 won per share.

For the year, the company's normalized net income totaled 1,510.17 won per share, an increase of 9.9% from 1,374.33 won per share in the prior year.

Normalized net income was 12.70 billion won, a rise of 9.9% from 11.56 billion won in the prior year.

Full-year total revenue grew 7.5% on an annual basis to 290.55 billion won from 270.21 billion won, and total operating expenses rose 7.5% on an annual basis to 273.31 billion won from 254.31 billion won.

The company said reported net income increased year over year to 14.75 billion won, or 1,753.68 won per share, in the full year, from 14.18 billion won, or 1,687.00 won per share.

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