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Kyungin Electronics swings to profit in Q4

Kyungin Electronics Co. Ltd. said its fourth-quarter normalized net income was 184.57 South Korean won per share, compared with a loss of 561.50 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 253.2 million won, compared with a loss of 770.3 million won in the prior-year period.

The normalized profit margin rose to 2.9% from negative 8.2% in the year-earlier period.

Total revenue decreased 7.4% on an annual basis to 8.65 billion won from 9.34 billion won, and total operating expenses declined from the prior-year period to 8.28 billion won from 8.69 billion won.

Reported net income came to 329.9 million won, or 240.52 won per share, compared to a loss of 2.81 billion won, or a loss of 2,050.44 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 954.08 won per share, an increase from 354.89 won per share in the prior year.

Normalized net income was 1.31 billion won, a gain from 486.9 million won in the prior year.

Full-year total revenue fell 16.7% year over year to 28.34 billion won from 34.03 billion won, and total operating expenses decreased 13.8% on an annual basis to 26.67 billion won from 30.93 billion won.

The company said reported net income totaled 1.34 billion won, or 973.57 won per share, in the full year, compared with a loss of 994.8 million won, or a loss of 725.00 won per share, the prior year.

As of March 3, US$1 was equivalent to 1,211.12 South Korean won.