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Choheung Q4 profit climbs YOY

Choheung Corp. said its normalized net income for the fourth quarter amounted to 3,575.86 South Korean won per share, a gain from 1,330.79 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 2.15 billion won, an increase from 798.3 million won in the prior-year period.

The normalized profit margin climbed to 7.0% from 2.5% in the year-earlier period.

Total revenue decreased on an annual basis to 30.78 billion won from 31.70 billion won, and total operating expenses fell 5.6% year over year to 28.26 billion won from 29.95 billion won.

Reported net income grew year over year to 2.83 billion won, or 4,711.09 won per share, from 790.5 million won, or 1,317.73 won per share.

For the year, the company's normalized net income totaled 7,016.52 won per share, a fall from 7,300.96 won per share in the prior year.

Normalized net income was 4.21 billion won, a fall from 4.38 billion won in the prior year.

Full-year total revenue totaled 113.15 billion won, compared with 112.73 billion won in the prior year, and total operating expenses came to 106.57 billion won, compared with 105.57 billion won in the prior-year period.

The company said reported net income increased 25.8% year over year to 6.64 billion won, or 11,062.76 won per share, in the full year, from 5.28 billion won, or 8,792.00 won per share.

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