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Sewon Q4 profit climbs 87.9% YOY

Sewon Corp. said its fourth-quarter normalized net income came to 317.20 South Korean won per share, an increase of 94.1% from 163.42 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 2.65 billion won, a gain of 87.9% from 1.41 billion won in the year-earlier period.

The normalized profit margin climbed to 9.6% from 6.9% in the year-earlier period.

Total revenue rose 35.5% on an annual basis to 27.61 billion won from 20.37 billion won, and total operating expenses climbed 15.0% year over year to 23.83 billion won from 20.71 billion won.

Reported net income grew 42.2% year over year to 3.65 billion won, or 436.56 won per share, from 2.56 billion won, or 297.04 won per share.

For the year, the company's normalized net income totaled 704.56 won per share, compared with a loss of 38.84 won per share in the prior year.

Normalized net income was 5.88 billion won, compared with a loss of 327.1 million won in the prior year.

Full-year total revenue increased 16.9% from the prior-year period to 96.55 billion won from 82.62 billion won, and total operating expenses rose on an annual basis to 92.03 billion won from 87.93 billion won.

The company said reported net income came to 8.74 billion won, or 1,046.78 won per share, in the full year, compared with a loss of 193.7 million won, or a loss of 23.00 won per share, the prior year.

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