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Shinyoung Wacoal swings to loss in Q4

ShinyoungwacoalInc. said its fourth-quarter normalized net income was a loss of 1,122.80 South Korean won per share, compared with 1,444.11 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 a loss of 1.01 billion won, compared with income of 1.30 billion won in the prior-year period.

The normalized profit margin declined to negative 3.6% from 3.4% in the year-earlier period.

Total revenue decreased on an annual basis to 37.65 billion won from 38.78 billion won, and total operating expenses grew from the prior-year period to 40.30 billion won from 38.90 billion won.

Reported net income totaled a loss of 1.32 billion won, or a loss of 1,469.97 won per share, compared to income of 1.20 billion won, or 1,333.06 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 4,688.95 won per share, a decrease of 36.4% from 7,376.43 won per share in the prior year.

Normalized net income was 4.22 billion won, a decrease of 36.4% from 6.64 billion won in the prior year.

Full-year total revenue totaled 179.46 billion won, compared with 179.12 billion won in the prior year, and total operating expenses rose on an annual basis to 176.29 billion won from 173.10 billion won.

The company said reported net income rose 52.7% year over year to 17.33 billion won, or 19,255.32 won per share, in the full year, from 11.35 billion won, or 12,613.01 won per share.

As of Feb. 17, US$1 was equivalent to 1,151.19 South Korean won.