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Longtu Korea swings to loss in Q4

Longtu Korea Inc. said its fourth-quarter normalized net income came to a loss of 45.88 South Korean won per share, compared with 27.65 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 880.0 million won, compared with income of 1.22 billion won in the year-earlier period.

The normalized profit margin declined to negative 4.7% from 19.7% in the year-earlier period.

Total revenue grew on an annual basis to 18.78 billion won from 6.21 billion won, and total operating expenses climbed year over year to 19.26 billion won from 7.78 billion won.

Reported net income totaled a loss of 1.54 billion won, or a loss of 80.18 won per share, compared to income of 1.87 billion won, or 42.22 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 26.76 won per share, a decrease of 22.5% from 34.54 won per share in the prior year.

Normalized net income was 516.5 million won, a decrease of 8.1% from 561.7 million won in the prior year.

Full-year total revenue rose on an annual basis to 71.45 billion won from 15.37 billion won, and total operating expenses increased 269.0% year over year to 66.63 billion won from 18.06 billion won.

The company said reported net income declined 17.3% on an annual basis to 668.9 million won, or 34.66 won per share, in the full year, from 808.6 million won, or 49.72 won per share.

As of March 22, US$1 was equivalent to 1,118.99 South Korean won.