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Nexen Tech swings to loss in Q4

Nexen Tech Corp. said its fourth-quarter normalized net income amounted to a loss of 13 South Korean chon per share, compared with 13.57 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 9.3 million won, compared with income of 980.2 million won in the prior-year period.

The normalized profit margin fell to negative 0.0% from 3.8% in the year-earlier period.

Total revenue declined 7.7% on an annual basis to 23.60 billion won from 25.58 billion won, and total operating expenses fell from the prior-year period to 23.64 billion won from 23.98 billion won.

Reported net income fell 99.9% from the prior-year period to 3.8 million won, or 5 chon per share, from 4.24 billion won, or 58.75 won per share.

For the year, the company's normalized net income totaled 41.86 won per share, an increase of 20.4% from 34.77 won per share in the prior year.

Normalized net income was 3.04 billion won, an increase of 20.5% from 2.52 billion won in the prior year.

Full-year total revenue grew 29.7% year over year to 93.39 billion won from 72.01 billion won, and total operating expenses rose 29.8% year over year to 88.78 billion won from 68.41 billion won.

The company said reported net income decreased 42.1% on an annual basis to 3.58 billion won, or 49.41 won per share, in the full year, from 6.19 billion won, or 85.40 won per share.

As of March 10, US$1 was equivalent to 1,203.54 South Korean won.