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Daesung Finetec Q4 profit climbs 86.7% YOY

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Daesung Finetec Q4 profit climbs 86.7% YOY

Daesung Finetec Co. Ltd. said its normalized net income for the fourth quarter was 61.96 South Korean won per share, a gain of 81.2% from 34.20 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 1.63 billion won, a gain of 86.7% from 872.4 million won in the year-earlier period.

The normalized profit margin climbed to 12.2% from 7.8% in the year-earlier period.

Total revenue increased 19.7% year over year to 13.40 billion won from 11.19 billion won, and total operating expenses increased 7.5% on an annual basis to 10.50 billion won from 9.77 billion won.

Reported net income grew 64.1% year over year to 1.97 billion won, or 75.01 won per share, from 1.20 billion won, or 47.10 won per share.

For the year, the company's normalized net income totaled 120.88 won per share, a gain of 24.8% from 96.83 won per share in the prior year.

Normalized net income was 3.10 billion won, an increase of 27.5% from 2.43 billion won in the prior year.

Full-year total revenue grew 13.9% year over year to 44.27 billion won from 38.87 billion won, and total operating expenses rose 12.0% year over year to 38.99 billion won from 34.83 billion won.

The company said reported net income increased 21.0% year over year to 4.02 billion won, or 156.80 won per share, in the full year, from 3.32 billion won, or 132.40 won per share.

As of March 8, US$1 was equivalent to 1,208.76 South Korean won.