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MH Ethanol swings to profit in Q4

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MH Ethanol swings to profit in Q4

MH Ethanol Co. Ltd. said its normalized net income for the fourth quarter amounted to 219.34 South Korean won per share, compared with a loss of 4.83 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 1.60 billion won, compared with a loss of 35.7 million won in the prior-year period.

The normalized profit margin rose to 12.0% from negative 0.3% in the year-earlier period.

Total revenue climbed 6.9% on an annual basis to 13.25 billion won from 12.40 billion won, and total operating expenses declined from the prior-year period to 11.64 billion won from 12.20 billion won.

Reported net income came to 1.29 billion won, or 176.73 won per share, compared to a loss of 2.47 billion won, or a loss of 334.39 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 930.70 won per share, a gain of 54.6% from 601.97 won per share in the prior year.

Normalized net income was 6.81 billion won, an increase of 52.4% from 4.47 billion won in the prior year.

Full-year total revenue grew on an annual basis to 50.39 billion won from 48.98 billion won, and total operating expenses decreased on an annual basis to 39.29 billion won from 40.24 billion won.

The company said reported net income grew 57.6% year over year to 7.78 billion won, or 1,063.27 won per share, in the full year, from 4.93 billion won, or 665.00 won per share.

As of March 2, US$1 was equivalent to 1,228.58 South Korean won.