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Chonbang Q4 loss widens 18.8% YOY

Chonbang Co. Ltd. said its fourth-quarter normalized net income came to a loss of 3,694.39 South Korean won per share, compared with a loss of 3,110.42 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 4.21 billion won, compared with a loss of 3.54 billion won in the prior-year period.

The normalized profit margin fell to negative 8.8% from negative 5.8% in the year-earlier period.

Total revenue declined 20.9% on an annual basis to 47.99 billion won from 60.65 billion won, and total operating expenses fell 24.2% from the prior-year period to 49.60 billion won from 65.42 billion won.

Reported net income came to a loss of 6.88 billion won, or a loss of 6,036.02 won per share, compared to a loss of 5.47 billion won, or a loss of 4,804.05 won per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 11,741.67 won per share, compared with a loss of 12,939.44 won per share in the prior year.

Normalized net income was a loss of 13.38 billion won, compared with a loss of 14.74 billion won in the prior year.

Full-year total revenue decreased 15.4% on an annual basis to 200.80 billion won from 237.30 billion won, and total operating expenses decreased 13.9% on an annual basis to 213.27 billion won from 247.80 billion won.

The company said reported net income came to a loss of 16.90 billion won, or a loss of 14,828.27 won per share, in the full year, compared with a loss of 23.48 billion won, or a loss of 20,607.01 won per share, the prior year.

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