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CJ Freshway Q4 profit climbs 14.7% YOY

CJ Freshway Corp. said its fourth-quarter normalized net income was 370.92 South Korean won per share, a decline from 383.23 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 4.51 billion won, a gain of 14.7% from 3.93 billion won in the year-earlier period.

The normalized profit margin increased to 0.8% from 0.8% in the year-earlier period.

Total revenue grew 13.9% on an annual basis to 546.54 billion won from 479.93 billion won, and total operating expenses rose 13.9% on an annual basis to 540.96 billion won from 475.07 billion won.

Reported net income totaled a loss of 1.32 billion won, or a loss of 108.73 won per share, compared to income of 233.9 million won, or 22.81 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 1,317.39 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1,489.00 won.

EPS rose 16.8% from 1,127.85 won in the prior year.

Normalized net income was 15.64 billion won, an increase of 27.7% from 12.25 billion won in the prior year.

Full-year total revenue increased 15.4% year over year to 2.072 trillion won from 1.795 trillion won, and total operating expenses rose 15.3% on an annual basis to 2.041 trillion won from 1.770 trillion won.

The company said reported net income grew on an annual basis to 10.86 billion won, or 915.12 won per share, in the full year, from 10.58 billion won, or 974.00 won per share.

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