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Daesang Q4 profit falls YOY

Daesang Corp. said its normalized net income for the fourth quarter came to 203.87 South Korean won per share, a decline of 40.6% from 343.37 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 7.02 billion won, a decline of 43.3% from 12.37 billion won in the year-earlier period.

The normalized profit margin declined to 1.1% from 1.9% in the year-earlier period.

Total revenue rose on an annual basis to 650.92 billion won from 639.02 billion won, and total operating expenses climbed 5.2% from the prior-year period to 641.51 billion won from 610.07 billion won.

Reported net income fell 87.7% on an annual basis to 2.44 billion won, or 71.03 won per share, from 19.86 billion won, or 551.02 won per share.

For the year, the company's normalized net income totaled 1,783.78 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2,133.25 won.

EPS declined 13.5% from 2,063.25 won in the prior year.

Normalized net income was 61.38 billion won, a decline of 17.4% from 74.34 billion won in the prior year.

Full-year total revenue rose from the prior-year period to 2.635 trillion won from 2.589 trillion won, and total operating expenses grew on an annual basis to 2.532 trillion won from 2.454 trillion won.

The company said reported net income decreased 40.0% year over year to 55.67 billion won, or 1,617.70 won per share, in the full year, from 92.77 billion won, or 2,575.00 won per share.

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