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Singsong Holdings swings to profit in Q4

Singsong Holdings Co. Ltd. said its normalized net income for the fourth quarter was 68.37 South Korean won per share, compared with a loss of 15.05 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 808.7 million won, compared with a loss of 177.3 million won in the year-earlier period.

The normalized profit margin rose to 1.5% from negative 0.5% in the year-earlier period.

Total revenue rose 39.3% year over year to 53.92 billion won from 38.71 billion won, and total operating expenses rose 46.5% from the prior-year period to 57.37 billion won from 39.16 billion won.

Reported net income totaled a loss of 5.21 billion won, or a loss of 440.45 won per share, compared to a loss of 866.0 million won, or a loss of 73.51 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 334.81 won per share, compared with 175.17 won per share in the prior year.

Normalized net income was a loss of 3.96 billion won, compared with income of 2.07 billion won in the prior year.

Full-year total revenue fell 9.5% on an annual basis to 206.90 billion won from 228.56 billion won, and total operating expenses decreased year over year to 214.95 billion won from 224.98 billion won.

The company said reported net income totaled a loss of 12.39 billion won, or a loss of 1,047.58 won per share, in the full year, compared with income of 2.06 billion won, or 174.00 won per share, the prior year.

As of March 16, US$1 was equivalent to 1,126.74 South Korean won.