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Silla Textile swings to loss in Q4

Silla Textile Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 11.95 South Korean won per share, compared with 3.18 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 290.1 million won, compared with income of 77.1 million won in the prior-year period.

The normalized profit margin fell to negative 25.4% from 9.7% in the year-earlier period.

Total revenue rose 43.5% on an annual basis to 1.14 billion won from 795.1 million won, and total operating expenses grew on an annual basis to 1.59 billion won from 633.0 million won.

Reported net income totaled a loss of 464.1 million won, or a loss of 19.12 won per share, compared to income of 173.7 million won, or 7.16 won per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 70.35 won per share, compared with 9.30 won per share in the prior year.

Normalized net income was a loss of 1.71 billion won, compared with income of 225.9 million won in the prior year.

Full-year total revenue grew 13.8% year over year to 3.45 billion won from 3.03 billion won, and total operating expenses rose 143.0% year over year to 6.02 billion won from 2.48 billion won.

The company said reported net income totaled a loss of 2.73 billion won, or a loss of 112.57 won per share, in the full year, compared with income of 478.3 million won, or 19.70 won per share, the prior year.

As of Feb. 29, US$1 was equivalent to 1,241.88 South Korean won.