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Daewon Kang Up swings to profit in Q4

Daewon Kang Up Co. Ltd. said its normalized net income for the fourth quarter came to 48.62 South Korean won per share, compared with a loss of 8.82 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 3.01 billion won, compared with a loss of 551.3 million won in the prior-year period.

The normalized profit margin climbed to 1.2% from negative 0.2% in the year-earlier period.

Total revenue increased on an annual basis to 269.03 billion won from 261.66 billion won, and total operating expenses fell on an annual basis to 255.99 billion won from 263.49 billion won.

Reported net income fell 33.7% on an annual basis to 1.29 billion won, or 20.86 won per share, from 1.95 billion won, or 31.18 won per share.

For the year, the company's normalized net income totaled 296.39 won per share, an increase of 43.9% from 206.02 won per share in the prior year.

Normalized net income was 18.38 billion won, a rise of 43.7% from 12.79 billion won in the prior year.

Full-year total revenue decreased on an annual basis to 1.013 trillion won from 1.029 trillion won, and total operating expenses decreased on an annual basis to 962.92 billion won from 992.32 billion won.

The company said reported net income grew 52.1% on an annual basis to 18.88 billion won, or 304.56 won per share, in the full year, from 12.42 billion won, or 200.00 won per share.

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