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Cosmax BTI swings to profit in Q4

Cosmax BTI Inc. said its normalized net income for the fourth quarter was 57.81 South Korean won per share, compared with a loss of 45.49 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 552.6 million won, compared with a loss of 435.9 million won in the prior-year period.

The normalized profit margin climbed to 0.9% from negative 0.8% in the year-earlier period.

Total revenue climbed 18.8% on an annual basis to 64.30 billion won from 54.12 billion won, and total operating expenses increased 17.5% from the prior-year period to 63.39 billion won from 53.97 billion won.

Reported net income came to 4.70 billion won, or 491.54 won per share, compared to a loss of 586.5 million won, or a loss of 61.21 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 775.07 won per share, an increase of 39.2% from 556.88 won per share in the prior year.

Normalized net income was 7.41 billion won, a gain of 39.1% from 5.32 billion won in the prior year.

Full-year total revenue grew 33.5% from the prior-year period to 266.92 billion won from 199.87 billion won, and total operating expenses increased 30.8% year over year to 246.77 billion won from 188.61 billion won.

The company said reported net income rose 91.9% on an annual basis to 15.36 billion won, or 1,606.53 won per share, in the full year, from 8.00 billion won, or 837.00 won per share.

As of March 9, US$1 was equivalent to 1,156.98 South Korean won.