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Daehan Flour Mills swings to profit in Q4

Daehan Flour Mills Co.Ltd said its normalized net income for the fourth quarter came to 5,383.00 South Korean won per share, compared with a loss of 283.19 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 9.06 billion won, compared with a loss of 476.6 million won in the prior-year period.

The normalized profit margin increased to 4.3% from negative 0.2% in the year-earlier period.

Total revenue fell 7.3% year over year to 208.56 billion won from 225.04 billion won, and total operating expenses decreased 10.2% year over year to 197.39 billion won from 219.90 billion won.

Reported net income came to 10.93 billion won, or 6,497.95 won per share, compared to a loss of 574.9 million won, or a loss of 341.63 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 17,478.33 won per share, a fall of 7.4% from 18,882.79 won per share in the prior year.

Normalized net income was 29.41 billion won, a decline of 7.4% from 31.78 billion won in the prior year.

Full-year total revenue fell 5.0% from the prior-year period to 825.84 billion won from 869.71 billion won, and total operating expenses declined on an annual basis to 778.58 billion won from 816.75 billion won.

The company said reported net income decreased 7.3% year over year to 34.15 billion won, or 20,293.20 won per share, in the full year, from 36.83 billion won, or 21,885.00 won per share.

As of March 8, US$1 was equivalent to 1,208.76 South Korean won.