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Grand Korea Leisure profit misses consensus by 37.7% in Q4

Grand Korea Leisure Co. Ltd. said its fourth-quarter normalized net income was 251.27 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 403.42 won per share.

EPS declined 40.0% year over year from 419.09 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 15.54 billion won, a decline of 40.0% from 25.92 billion won in the year-earlier period.

The normalized profit margin declined to 12.6% from 17.4% in the year-earlier period.

Total revenue fell 17.4% on an annual basis to 123.29 billion won from 149.23 billion won, and total operating expenses fell 6.3% year over year to 101.61 billion won from 108.44 billion won.

Reported net income fell 40.6% from the prior-year period to 18.45 billion won, or 298.34 won per share, from 31.05 billion won, or 502.00 won per share.

For the year, the company's normalized net income totaled 1,221.36 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1,601.35 won.

EPS declined 21.2% from 1,550.76 won in the prior year.

Normalized net income was 75.55 billion won, a decrease of 21.2% from 95.90 billion won in the prior year.

Full-year total revenue declined 6.5% year over year to 505.66 billion won from 540.68 billion won, and total operating expenses declined year over year to 387.29 billion won from 392.92 billion won.

The company said reported net income fell 21.3% year over year to 91.73 billion won, or 1,483.00 won per share, in the full year, from 116.51 billion won, or 1,884.00 won per share.

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