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CJ O Shopping Q4 profit falls YOY

CJ O Shopping Co. Ltd. said its fourth-quarter normalized net income was 3,710.84 South Korean won per share, a decrease of 40.1% from 6,190.27 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 22.35 billion won, a decline of 40.1% from 37.30 billion won in the prior-year period.

The normalized profit margin dropped to 3.8% from 5.7% in the year-earlier period.

Total revenue fell 10.9% year over year to 587.66 billion won from 659.82 billion won, and total operating expenses decreased 11.5% year over year to 536.84 billion won from 606.81 billion won.

Reported net income rose 11.1% from the prior-year period to 17.30 billion won, or 2,870.99 won per share, from 15.56 billion won, or 2,582.56 won per share.

For the year, the company's normalized net income totaled 13,459.12 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 16,640.27 won.

EPS declined 26.7% from 18,350.39 won in the prior year.

Normalized net income was 81.05 billion won, a decline of 26.7% from 110.60 billion won in the prior year.

Full-year total revenue declined 11.4% on an annual basis to 2.309 trillion won from 2.605 trillion won, and total operating expenses fell 11.6% on an annual basis to 2.101 trillion won from 2.376 trillion won.

The company said reported net income declined 10.5% year over year to 84.74 billion won, or 14,072.74 won per share, in the full year, from 94.72 billion won, or 15,716.00 won per share.

As of March 10, US$1 was equivalent to 1,203.54 South Korean won.