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Muhak swings to loss in Q4

Muhak Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 615.24 South Korean won per share, compared with 1,250.04 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 17.10 billion won, compared with income of 35.05 billion won in the year-earlier period.

The normalized profit margin declined to negative 24.4% from 40.6% in the year-earlier period.

Total revenue fell 19.0% on an annual basis to 69.99 billion won from 86.36 billion won, and total operating expenses decreased 12.5% from the prior-year period to 58.85 billion won from 67.24 billion won.

Reported net income declined 74.1% on an annual basis to 6.72 billion won, or 241.86 won per share, from 26.00 billion won, or 927.37 won per share.

For the year, the company's normalized net income totaled 1,015.99 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1,522.00 won.

EPS declined 28.5% from 1,420.88 won in the prior year.

Normalized net income was 28.30 billion won, a decline of 29.1% from 39.90 billion won in the prior year.

Full-year total revenue decreased 8.7% from the prior-year period to 270.17 billion won from 295.76 billion won, and total operating expenses declined on an annual basis to 220.37 billion won from 230.10 billion won.

The company said reported net income rose year over year to 61.48 billion won, or 2,207.27 won per share, in the full year, from 28.81 billion won, or 1,026.00 won per share.

As of March 16, US$1 was equivalent to 1,126.74 South Korean won.