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Kolon Fashion Material Q4 loss widens 82.0% YOY

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Kolon Fashion Material Q4 loss widens 82.0% YOY

Kolon Fashion Material Inc. said its normalized net income for the fourth quarter was a loss of 85.59 South Korean won per share, compared with a loss of 47.11 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.85 billion won, compared with a loss of 2.12 billion won in the prior-year period.

The normalized profit margin fell to negative 4.5% from negative 2.0% in the year-earlier period.

Total revenue decreased 18.1% year over year to 84.81 billion won from 103.55 billion won, and total operating expenses decreased 14.9% year over year to 90.21 billion won from 106.05 billion won.

Reported net income totaled a loss of 7.07 billion won, or a loss of 157.16 won per share, compared to a loss of 3.54 billion won, or a loss of 78.84 won per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 129.32 won per share, compared with a loss of 117.33 won per share in the prior year.

Normalized net income was a loss of 5.82 billion won, compared with a loss of 5.28 billion won in the prior year.

Full-year total revenue declined 22.3% from the prior-year period to 372.83 billion won from 479.69 billion won, and total operating expenses declined 21.8% year over year to 380.55 billion won from 486.47 billion won.

The company said reported net income came to a loss of 9.49 billion won, or a loss of 210.92 won per share, in the full year, compared with a loss of 9.97 billion won, or a loss of 221.60 won per share, the prior year.

As of Feb. 29, US$1 was equivalent to 1,241.88 South Korean won.