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Globalsat Worldcom swings to profit in Q4

Globalsat Worldcom Corp. said its normalized net income for the fourth quarter amounted to 3 Taiwan cents per share, compared with a loss of 5 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$1.8 million, compared with a loss of NT$2.8 million in the prior-year period.

The normalized profit margin rose to 1.3% from negative 2.6% in the year-earlier period.

Total revenue grew 27.2% on an annual basis to NT$139.4 million from NT$109.5 million, and total operating expenses increased 16.8% on an annual basis to NT$142.6 million from NT$122.1 million.

Reported net income totaled NT$310,000, or 1 cents per share, compared to a loss of NT$714,000, or a loss of 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 22 cents per share, compared with a loss of 52 cents per share in the prior year.

Normalized net income was NT$12.2 million, compared with a loss of NT$28.3 million in the prior year.

Full-year total revenue increased 42.7% year over year to NT$610.9 million from NT$428.1 million, and total operating expenses increased 26.0% on an annual basis to NT$607.4 million from NT$482.0 million.

The company said reported net income totaled NT$16.7 million, or 30 cents per share, in the full year, compared with a loss of NT$42.2 million, or a loss of 77 cents per share, the prior year.

As of March 30, US$1 was equivalent to NT$32.18.