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INFAC Q4 profit falls YOY

INFAC Corp. said its fourth-quarter normalized net income amounted to 369.64 South Korean won per share, a decrease of 30.5% from 531.84 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 3.70 billion won, a decline of 30.6% from 5.33 billion won in the year-earlier period.

The normalized profit margin dropped to 5.8% from 8.3% in the year-earlier period.

Total revenue fell year over year to 63.23 billion won from 64.54 billion won, and total operating expenses rose from the prior-year period to 60.46 billion won from 58.87 billion won.

Reported net income decreased 45.7% on an annual basis to 2.48 billion won, or 248.26 won per share, from 4.57 billion won, or 456.64 won per share.

For the year, the company's normalized net income totaled 800.87 won per share, a decline from 837.55 won per share in the prior year.

Normalized net income was 8.01 billion won, a decrease from 8.38 billion won in the prior year.

Full-year total revenue grew 5.1% on an annual basis to 234.03 billion won from 222.77 billion won, and total operating expenses rose on an annual basis to 223.23 billion won from 213.53 billion won.

The company said reported net income decreased 11.7% year over year to 9.33 billion won, or 933.18 won per share, in the full year, from 10.57 billion won, or 1,057.00 won per share.

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