Samsung Card posts massive loss in Q4
Published : 2013-01-28 19:50
Updated : 2013-01-28 19:50
Samsung Card Co. said Monday it posted a net loss of 2.6 billion won ($2.4 million) in the fourth quarter of 2012 due to a decrease in commission income.
From October through December, the nation’s No. 2 credit card firm made sales of about 7.95 billion won, down about 7.4 percent from the same period in 2011.
The firm’s operating loss amounts to about 3.1 billion won, a sharp contrast to the 73 billion won operating profit posted a year earlier.
A decrease in commission rates caused the loss, Samsung Card said in a statement, along with increased corporate tax compared to 2011.