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Korea Industrial Q4 profit falls YOY

Korea Industrial Co. Ltd. said its normalized net income for the fourth quarter amounted to 13.44 South Korean won per share, a decrease of 50.2% from 27.00 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 324.5 million won, a decrease of 50.2% from 652.0 million won in the prior-year period.

The normalized profit margin declined to 0.7% from 1.4% in the year-earlier period.

Total revenue fell 5.2% year over year to 43.64 billion won from 46.06 billion won, and total operating expenses decreased 7.1% year over year to 42.71 billion won from 45.96 billion won.

Reported net income totaled a loss of 458.3 million won, or a loss of 18.98 won per share, compared to income of 677.8 million won, or 28.07 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 235.72 won per share, an increase of 18.6% from 198.82 won per share in the prior year.

Normalized net income was 5.69 billion won, a gain of 18.7% from 4.79 billion won in the prior year.

Full-year total revenue decreased 7.1% on an annual basis to 172.28 billion won from 185.42 billion won, and total operating expenses decreased 7.3% on an annual basis to 165.60 billion won from 178.66 billion won.

The company said reported net income grew 23.7% year over year to 6.95 billion won, or 287.93 won per share, in the full year, from 5.62 billion won, or 233.00 won per share.

As of March 16, US$1 was equivalent to 1,126.74 South Korean won.