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Winix Q4 loss narrows YOY

Winix Inc. said its normalized net income for the fourth quarter amounted to a loss of 20.54 South Korean won per share, compared with a loss of 379.33 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 314.2 million won, compared with a loss of 5.83 billion won in the prior-year period.

The normalized profit margin rose to negative 0.8% from negative 14.5% in the year-earlier period.

Total revenue decreased 6.3% on an annual basis to 37.71 billion won from 40.23 billion won, and total operating expenses fell 22.8% year over year to 37.68 billion won from 48.80 billion won.

Reported net income totaled a loss of 6.86 billion won, or a loss of 448.36 won per share, compared to a loss of 12.69 billion won, or a loss of 825.17 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 45.21 won per share, compared with a loss of 592.87 won per share in the prior year.

Normalized net income was a loss of 691.7 million won, compared with a loss of 9.07 billion won in the prior year.

Full-year total revenue increased 7.9% on an annual basis to 213.15 billion won from 197.50 billion won, and total operating expenses increased year over year to 210.65 billion won from 208.07 billion won.

The company said reported net income came to a loss of 13.88 billion won, or a loss of 907.56 won per share, in the full year, compared with a loss of 17.11 billion won, or a loss of 1,118.00 won per share, the prior year.

As of March 23, US$1 was equivalent to 1,118.96 South Korean won.