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Lotte Chemical Q4 profit climbs 595.4% YOY

Lotte Chemical Corp. said its fourth-quarter normalized net income came to 5,131.90 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 5,698.13 won per share.

EPS climbed 595.2% year over year from 738.23 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 172.90 billion won, a gain of 595.4% from 24.87 billion won in the year-earlier period.

The normalized profit margin rose to 6.2% from 0.7% in the year-earlier period.

Total revenue decreased 22.7% on an annual basis to 2.700 trillion won from 3.495 trillion won, and total operating expenses declined 30.5% on an annual basis to 2.392 trillion won from 3.440 trillion won.

Reported net income totaled 171.43 billion won, or 5,088.07 won per share, compared with a loss of 55.77 billion won, or a loss of 1,655.89 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 28,452.40 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 31,701.25 won.

EPS rose 407.1% from 5,610.46 won in the prior year.

Normalized net income was 958.62 billion won, an increase of 407.2% from 189.02 billion won in the prior year.

Full-year total revenue decreased year over year to 11.713 trillion won from 14.859 trillion won, and total operating expenses fell year over year to 10.103 trillion won from 14.508 trillion won.

The company said reported net income grew 575.8% year over year to 992.51 billion won, or 29,458.37 won per share, in the full year, from 146.86 billion won, or 4,359.00 won per share.

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