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Megastudy swings to loss in Q4

Megastudy Co. Ltd. said its normalized net income for the fourth quarter was a loss of 414.49 South Korean won per share, compared with 1,605.99 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 1.64 billion won, compared with income of 6.34 billion won in the prior-year period.

The normalized profit margin declined to negative 5.1% from 4.5% in the year-earlier period.

Total revenue fell 77.0% year over year to 31.99 billion won from 139.31 billion won, and total operating expenses fell 67.5% year over year to 40.16 billion won from 123.52 billion won.

Reported net income totaled a loss of 4.48 billion won, or a loss of 1,134.16 won per share, compared to income of 12.15 billion won, or 3,080.04 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 536.11 won per share, a decrease of 79.2% from 2,582.65 won per share in the prior year.

Normalized net income was 2.12 billion won, a fall of 81.8% from 11.67 billion won in the prior year.

Full-year total revenue declined 39.8% on an annual basis to 150.22 billion won from 249.37 billion won, and total operating expenses declined 30.7% year over year to 153.11 billion won from 220.80 billion won.

The company said reported net income came to a loss of 1.17 billion won, or a loss of 294.94 won per share, in the full year, compared with income of 22.84 billion won, or 5,057.00 won per share, the prior year.

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