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Samick Musical Instruments swings to loss in Q4

Samick Musical Instruments Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 10.78 South Korean won per share, compared with 45.77 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 850.1 million won, compared with income of 4.16 billion won in the year-earlier period.

The normalized profit margin fell to negative 2.0% from 11.3% in the year-earlier period.

Total revenue grew on an annual basis to 37.86 billion won from 36.86 billion won, and total operating expenses grew 9.1% year over year to 36.09 billion won from 33.07 billion won.

Reported net income totaled a loss of 3.64 billion won, or a loss of 46.21 won per share, compared to income of 3.57 billion won, or 39.26 won per share, in the prior-year period.

For the year, the company's normalized net income totaled 114.48 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 251.00 won.

EPS rose from 111.40 won in the prior year.

Normalized net income was 9.03 billion won, a decrease from 9.46 billion won in the prior year.

Full-year total revenue rose from the prior-year period to 160.73 billion won from 155.11 billion won, and total operating expenses rose 6.7% on an annual basis to 145.98 billion won from 136.77 billion won.

The company said reported net income fell 22.6% on an annual basis to 8.28 billion won, or 104.98 won per share, in the full year, from 10.70 billion won, or 126.00 won per share.

As of March 29, US$1 was equivalent to 1,166.30 South Korean won.