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Seoyon Topmetal swings to profit in Q4

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Seoyon Topmetal swings to profit in Q4

Seoyon Topmetal Co. Ltd. said its fourth-quarter normalized net income amounted to 144.81 South Korean won per share, compared with a loss of 43.93 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 1.69 billion won, compared with a loss of 511.8 million won in the year-earlier period.

The normalized profit margin climbed to 2.9% from negative 1.2% in the year-earlier period.

Total revenue grew 31.8% year over year to 57.28 billion won from 43.46 billion won, and total operating expenses rose 25.2% from the prior-year period to 54.85 billion won from 43.81 billion won.

Reported net income totaled 1.84 billion won, or 157.64 won per share, compared to a loss of 1.48 billion won, or a loss of 127.15 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 70.12 won per share, a decline of 48.0% from 134.73 won per share in the prior year.

Normalized net income was 816.9 million won, a decline of 48.0% from 1.57 billion won in the prior year.

Full-year total revenue grew 26.0% from the prior-year period to 205.83 billion won from 163.30 billion won, and total operating expenses increased 25.3% on an annual basis to 200.01 billion won from 159.63 billion won.

The company said reported net income came to a loss of 769.0 million won, or a loss of 66.01 won per share, in the full year, compared with income of 665.4 million won, or 57.11 won per share, the prior year.

As of March 15, US$1 was equivalent to 1,145.16 South Korean won.