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Wooshin Systems Q4 profit climbs 19.2% YOY

Wooshin Systems Co. Ltd. said its fourth-quarter normalized net income amounted to 305.59 South Korean won per share, a gain of 14.0% from 268.11 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 5.21 billion won, a gain of 19.2% from 4.37 billion won in the prior-year period.

The normalized profit margin increased to 7.3% from 5.6% in the year-earlier period.

Total revenue fell 8.3% year over year to 71.78 billion won from 78.28 billion won, and total operating expenses declined 8.6% year over year to 66.17 billion won from 72.43 billion won.

Reported net income rose on an annual basis to 7.10 billion won, or 416.43 won per share, from 3.32 billion won, or 203.74 won per share.

For the year, the company's normalized net income totaled 445.63 won per share, a decline of 40.7% from 751.30 won per share in the prior year.

Normalized net income was 7.12 billion won, a decline of 38.9% from 11.66 billion won in the prior year.

Full-year total revenue amounted to 264.31 billion won, compared with 262.99 billion won in the prior year, and total operating expenses rose on an annual basis to 252.80 billion won from 246.84 billion won.

The company said reported net income declined 38.3% on an annual basis to 9.33 billion won, or 584.00 won per share, in the full year, from 15.12 billion won, or 974.00 won per share.

As of March 14, US$1 was equivalent to 1,149.76 South Korean won.