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DRB Industrial Q4 profit climbs 58.6% YOY

DRB Industrial Co. Ltd. said its fourth-quarter normalized net income was 467.05 South Korean won per share, a gain of 58.5% from 294.66 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 5.36 billion won, a gain of 58.6% from 3.38 billion won in the year-earlier period.

The normalized profit margin climbed to 9.0% from 6.1% in the year-earlier period.

Total revenue climbed 6.1% on an annual basis to 59.24 billion won from 55.85 billion won, and total operating expenses increased 6.6% on an annual basis to 53.06 billion won from 49.80 billion won.

Reported net income increased from the prior-year period to 6.58 billion won, or 573.47 won per share, from 3.26 billion won, or 284.36 won per share.

For the year, the company's normalized net income totaled 1,145.80 won per share, a fall of 9.1% from 1,261.08 won per share in the prior year.

Normalized net income was 14.46 billion won, a decline of 9.1% from 15.91 billion won in the prior year.

Full-year total revenue fell 7.8% year over year to 234.45 billion won from 254.38 billion won, and total operating expenses declined 8.1% year over year to 212.71 billion won from 231.35 billion won.

The company said reported net income declined 7.0% year over year to 17.88 billion won, or 1,417.22 won per share, in the full year, from 19.22 billion won, or 1,523.61 won per share.

As of March 14, US$1 was equivalent to 1,149.76 South Korean won.