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Shinyoung Wacoal swings to profit in Q4

ShinyoungwacoalInc. said its normalized net income for the fourth quarter came to 1,444.19 South Korean won per share, compared with a loss of 310.45 won per share in the fourth quarter ended Sept. 30, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.30 billion won, compared with a loss of 279.4 million won in the fourth quarter ended Sept. 30, 2014.

The normalized profit margin rose to 3.4% from negative 0.5% in the year-earlier period.

Total revenue declined 24.6% on an annual basis to 38.78 billion won from 51.46 billion won, and total operating expenses declined 25.8% from the prior-year period to 38.90 billion won from 52.45 billion won.

Reported net income increased on an annual basis to 1.20 billion won, or 1,333.14 won per share, from 111.6 million won, or 124.01 won per share.

For the year, the company's normalized net income totaled 7,376.68 won per share, an increase of 91.7% from 3,847.14 won per share in the prior year.

Normalized net income was 6.64 billion won, a gain of 91.7% from 3.46 billion won in the prior year.

Full-year total revenue decreased from the prior-year period to 179.12 billion won from 184.67 billion won, and total operating expenses declined 5.4% on an annual basis to 173.10 billion won from 182.93 billion won.

The company said reported net income grew on an annual basis to 11.35 billion won, or 12,613.43 won per share, in the full year, from 4.22 billion won, or 4,690.12 won per share.

As of Feb. 12, US$1 was equivalent to 1,207.85 South Korean won.