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Iriver Q4 profit falls YOY

Iriver Ltd. said its normalized net income for the fourth quarter amounted to 2.15 South Korean won per share, a decline of 85.6% from 14.94 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 67.0 million won, a decrease of 83.4% from 403.9 million won in the prior-year period.

The normalized profit margin dropped to 0.4% from 2.5% in the year-earlier period.

Total revenue declined 5.7% year over year to 15.38 billion won from 16.31 billion won, and total operating expenses declined 5.7% year over year to 14.92 billion won from 15.82 billion won.

Reported net income fell 83.3% from the prior-year period to 108.1 million won, or 3.48 won per share, from 647.3 million won, or 23.94 won per share.

For the year, the company's normalized net income totaled 12.60 won per share, a decline of 70.5% from 42.75 won per share in the prior year.

Normalized net income was 391.4 million won, a decrease of 65.0% from 1.12 billion won in the prior year.

Full-year total revenue increased year over year to 55.64 billion won from 53.19 billion won, and total operating expenses grew 7.0% year over year to 55.33 billion won from 51.70 billion won.

The company said reported net income decreased 73.1% on an annual basis to 635.0 million won, or 20.44 won per share, in the full year, from 2.36 billion won, or 90.00 won per share.

As of March 10, US$1 was equivalent to 1,203.54 South Korean won.