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Pusan Cast Iron swings to loss in Q4

Pusan Cast Iron Co. Ltd. said its fourth-quarter normalized net income was a loss of 184.75 South Korean won per share, compared with 25.59 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 a loss of 3.55 billion won, compared with income of 499.9 million won in the prior-year period.

The normalized profit margin declined to negative 7.8% from 1.0% in the year-earlier period.

Total revenue decreased 6.8% year over year to 45.39 billion won from 48.71 billion won, and total operating expenses climbed 6.0% year over year to 49.10 billion won from 46.31 billion won.

Reported net income came to a loss of 5.46 billion won, or a loss of 283.91 won per share, compared to income of 557.0 million won, or 28.51 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 287.59 won per share, compared with a loss of 46.05 won per share in the prior year.

Normalized net income was a loss of 6.26 billion won, compared with a loss of 663.9 million won in the prior year.

Full-year total revenue declined 6.5% on an annual basis to 179.59 billion won from 192.13 billion won, and total operating expenses decreased on an annual basis to 185.08 billion won from 188.71 billion won.

The company said reported net income totaled a loss of 8.84 billion won, or a loss of 406.25 won per share, in the full year, compared with a loss of 879.4 million won, or a loss of 61.00 won per share, the prior year.

As of March 1, US$1 was equivalent to 1,144.79 South Korean won.