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Sajo Seafood Q4 profit climbs 59.4% YOY

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Sajo Seafood Q4 profit climbs 59.4% YOY

Sajo Seafood Co. Ltd. said its fourth-quarter normalized net income was 171.54 South Korean won per share, an increase of 59.3% from 107.69 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 2.95 billion won, an increase of 59.4% from 1.85 billion won in the prior-year period.

The normalized profit margin increased to 3.9% from 2.8% in the year-earlier period.

Total revenue increased 14.9% year over year to 76.48 billion won from 66.56 billion won, and total operating expenses climbed 13.1% on an annual basis to 71.59 billion won from 63.27 billion won.

Reported net income decreased 61.2% on an annual basis to 1.06 billion won, or 61.29 won per share, from 2.72 billion won, or 158.01 won per share.

For the year, the company's normalized net income totaled 299.55 won per share, a fall of 15.6% from 354.82 won per share in the prior year.

Normalized net income was 5.16 billion won, a fall of 15.6% from 6.11 billion won in the prior year.

Full-year total revenue rose 7.3% from the prior-year period to 282.57 billion won from 263.24 billion won, and total operating expenses grew 8.6% on an annual basis to 273.09 billion won from 251.36 billion won.

The company said reported net income decreased 35.1% year over year to 6.04 billion won, or 350.91 won per share, in the full year, from 9.31 billion won, or 541.00 won per share.

As of March 7, US$1 was equivalent to 1,201.58 South Korean won.