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Hankook Furniture Q4 profit falls YOY

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Hankook Furniture Q4 profit falls YOY

Hankook Furniture Co. Ltd. said its normalized net income for the fourth quarter amounted to 899.73 South Korean won per share, a decrease from 924.02 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 1.35 billion won, a decrease from 1.39 billion won in the prior-year period.

The normalized profit margin fell to 9.7% from 10.2% in the year-earlier period.

Total revenue grew on an annual basis to 13.94 billion won from 13.59 billion won, and total operating expenses grew year over year to 11.65 billion won from 11.40 billion won.

Reported net income declined from the prior-year period to 1.69 billion won, or 1,124.33 won per share, from 1.76 billion won, or 1,174.99 won per share.

For the year, the company's normalized net income totaled 3,109.88 won per share, an increase of 16.7% from 2,664.56 won per share in the prior year.

Normalized net income was 4.66 billion won, a rise of 16.7% from 4.00 billion won in the prior year.

Full-year total revenue rose from the prior-year period to 48.17 billion won from 46.15 billion won, and total operating expenses grew year over year to 41.22 billion won from 40.08 billion won.

The company said reported net income grew 16.1% year over year to 6.02 billion won, or 4,013.66 won per share, in the full year, from 5.18 billion won, or 3,456.00 won per share.

As of March 8, US$1 was equivalent to 1,208.76 South Korean won.