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Daesung Industrial Q4 loss narrows YOY

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Daesung Industrial Q4 loss narrows YOY

Daesung Industrial Co. Ltd. said its normalized net income for the fourth quarter was a loss of 1,160.21 South Korean won per share, compared with a loss of 8,767.93 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 a loss of 26.19 billion won, compared with a loss of 35.83 billion won in the year-earlier period.

The normalized profit margin declined to negative 12.8% from negative 12.2% in the year-earlier period.

Total revenue decreased 15.4% on an annual basis to 248.47 billion won from 293.66 billion won, and total operating expenses fell 9.9% year over year to 273.52 billion won from 303.46 billion won.

Reported net income came to a loss of 53.73 billion won, or a loss of 2,379.84 won per share, compared to a loss of 102.91 billion won, or a loss of 25,180.40 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 2,804.27 won per share, compared with a loss of 21,079.51 won per share in the prior year.

Normalized net income was a loss of 58.16 billion won, compared with a loss of 86.16 billion won in the prior year.

Full-year total revenue declined 15.5% on an annual basis to 947.12 billion won from 1.120 trillion won, and total operating expenses fell 13.8% on an annual basis to 979.78 billion won from 1.137 trillion won.

The company said reported net income came to a loss of 113.72 billion won, or a loss of 5,483.34 won per share, in the full year, compared with a loss of 261.29 billion won, or a loss of 63,927.82 won per share, the prior year.

As of March 9, US$1 was equivalent to 1,207.88 South Korean won.