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Artis Co Q4 loss narrows YOY

Artis Co. Ltd. said its normalized net income for the fourth quarter amounted to a loss of 29.13 South Korean won per share, compared with a loss of 34.48 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 a loss of 583.3 million won, compared with a loss of 652.6 million won in the prior-year period.

The normalized profit margin dropped to negative 26.5% from negative 24.8% in the year-earlier period.

Total revenue decreased 16.2% year over year to 2.20 billion won from 2.63 billion won, and total operating expenses declined 11.6% from the prior-year period to 3.20 billion won from 3.62 billion won.

Reported net income came to a loss of 933.4 million won, or a loss of 46.61 won per share, compared to a loss of 1.05 billion won, or a loss of 55.22 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 70.42 won per share, compared with a loss of 191.84 won per share in the prior year.

Normalized net income was a loss of 1.41 billion won, compared with a loss of 3.55 billion won in the prior year.

Full-year total revenue rose 30.2% on an annual basis to 11.55 billion won from 8.86 billion won, and total operating expenses fell on an annual basis to 13.68 billion won from 13.90 billion won.

The company said reported net income totaled a loss of 2.26 billion won, or a loss of 112.66 won per share, in the full year, compared with a loss of 5.69 billion won, or a loss of 307.01 won per share, the prior year.

As of March 1, US$1 was equivalent to 1,144.79 South Korean won.