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Hanwha Galleria Timeworld Q4 profit falls YOY

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Hanwha Galleria Timeworld Q4 profit falls YOY

Hanwha Galleria Timeworld Co. Ltd. said its fourth-quarter normalized net income was 96.14 South Korean won per share, a decrease of 88.9% from 866.43 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 567.1 million won, a decline of 88.9% from 5.10 billion won in the year-earlier period.

The normalized profit margin dropped to 1.2% from 10.8% in the year-earlier period.

Total revenue grew year over year to 48.29 billion won from 47.23 billion won, and total operating expenses climbed 21.1% year over year to 44.02 billion won from 36.34 billion won.

Reported net income fell 79.0% year over year to 1.38 billion won, or 234.72 won per share, from 6.60 billion won, or 1,120.63 won per share.

For the year, the company's normalized net income totaled 1,260.55 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2,002.50 won.

EPS declined 62.3% from 3,344.64 won in the prior year.

Normalized net income was 7.43 billion won, a fall of 62.0% from 19.54 billion won in the prior year.

Full-year total revenue increased 5.4% from the prior-year period to 168.89 billion won from 160.27 billion won, and total operating expenses rose 20.8% year over year to 153.29 billion won from 126.87 billion won.

The company said reported net income decreased 65.2% on an annual basis to 8.51 billion won, or 1,443.59 won per share, in the full year, from 24.46 billion won, or 4,185.35 won per share.

As of Feb. 29, US$1 was equivalent to 1,241.88 South Korean won.