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Samsung Card posts massive loss in Q4

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.

(joowonc@heraldcorp.com)
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