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Samsung C&T swings to loss in Q4

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Samsung C&T swings to loss in Q4

Samsung C&T Corp. said its normalized net income for the fourth quarter came to a loss of 93.10 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 352.06 won per share.

The per-share result swung to a loss from the prior-year profit of 267.38 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 15.51 billion won, compared with income of 28.74 billion won in the prior-year period.

The normalized profit margin fell to negative 1.2% from 1.9% in the year-earlier period.

Total revenue rose 376.8% on an annual basis to 7.221 trillion won from 1.515 trillion won, and total operating expenses rose 408.1% year over year to 7.298 trillion won from 1.436 trillion won.

Reported net income totaled a loss of 55.77 billion won, or a loss of 334.87 won per share, compared with income of 25.90 billion won, or 240.94 won per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 544.57 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 17,531.85 won.

EPS was 903.65 won in the prior year.

Normalized net income was a loss of 72.22 billion won, compared with income of 96.11 billion won in the prior year.

Full-year total revenue grew 160.2% on an annual basis to 13.345 trillion won from 5.130 trillion won, and total operating expenses rose 170.6% on an annual basis to 13.304 trillion won from 4.916 trillion won.

The company said reported net income grew 2,869.8% on an annual basis to 2.737 trillion won, or 20,636.44 won per share, in the full year, from 92.15 billion won, or 866.40 won per share.

As of March 3, US$1 was equivalent to 1,211.12 South Korean won.