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Samkee Automotive Q4 profit falls YOY

Samkee Automotive Co. Ltd. said its normalized net income for the fourth quarter amounted to 92.78 South Korean won per share, a decline of 43.6% from 164.41 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 2.86 billion won, a decline of 43.5% from 5.07 billion won in the prior-year period.

The normalized profit margin declined to 3.5% from 6.3% in the year-earlier period.

Total revenue increased year over year to 82.53 billion won from 80.11 billion won, and total operating expenses grew 5.8% year over year to 76.26 billion won from 72.09 billion won.

Reported net income fell 14.3% year over year to 3.54 billion won, or 114.85 won per share, from 4.13 billion won, or 134.01 won per share.

For the year, the company's normalized net income totaled 359.56 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 435.00 won.

EPS declined 17.3% from 434.59 won in the prior year.

Normalized net income was 11.08 billion won, a fall of 17.3% from 13.41 billion won in the prior year.

Full-year total revenue increased 10.3% from the prior-year period to 304.48 billion won from 276.15 billion won, and total operating expenses increased 12.2% year over year to 283.13 billion won from 252.44 billion won.

The company said reported net income declined 22.1% on an annual basis to 12.54 billion won, or 406.76 won per share, in the full year, from 16.11 billion won, or 522.00 won per share.

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