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Cosmax profit misses consensus by 46.8% in Q4

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Cosmax profit misses consensus by 46.8% in Q4

Cosmax Inc. said its fourth-quarter normalized net income came to 308.30 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 580.00 won per share.

EPS fell 54.1% year over year from 672.37 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.77 billion won, a decrease of 54.1% from 6.05 billion won in the prior-year period.

The normalized profit margin fell to 1.9% from 3.4% in the year-earlier period.

Total revenue fell 23.1% year over year to 135.72 billion won from 176.50 billion won, and total operating expenses fell 21.9% on an annual basis to 130.69 billion won from 167.36 billion won.

Reported net income fell 81.3% on an annual basis to 1.08 billion won, or 120.01 won per share, from 5.78 billion won, or 642.05 won per share.

For the year, the company's normalized net income totaled 2,312.22 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3,075.14 won.

EPS rose 18.4% from 1,953.42 won in the prior year.

Normalized net income was 20.80 billion won, a gain of 18.4% from 17.57 billion won in the prior year.

Full-year total revenue increased 32.2% year over year to 533.34 billion won from 403.48 billion won, and total operating expenses grew 32.9% year over year to 497.42 billion won from 374.27 billion won.

The company said reported net income grew 6.6% on an annual basis to 21.24 billion won, or 2,361.47 won per share, in the full year, from 19.93 billion won, or 2,214.92 won per share.

As of March 9, US$1 was equivalent to 1,207.88 South Korean won.