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Ace Bed Q4 profit falls YOY

Ace Bed Co. Ltd. said its fourth-quarter normalized net income amounted to 3,969.78 South Korean won per share, a decline of 16.2% from 4,739.44 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 7.60 billion won, a decrease of 16.2% from 9.07 billion won in the prior-year period.

The normalized profit margin declined to 13.6% from 15.8% in the year-earlier period.

Total revenue declined year over year to 55.86 billion won from 57.41 billion won, and total operating expenses came to 44.11 billion won, compared with 44.24 billion won in the prior-year period.

Reported net income fell 12.5% year over year to 9.67 billion won, or 5,052.55 won per share, from 11.05 billion won, or 5,774.13 won per share.

For the year, the company's normalized net income totaled 12,788.64 won per share, a decline from 13,150.07 won per share in the prior year.

Normalized net income was 24.48 billion won, a fall from 25.17 billion won in the prior year.

Full-year total revenue rose 5.7% from the prior-year period to 203.65 billion won from 192.73 billion won, and total operating expenses rose 6.0% on an annual basis to 167.86 billion won from 158.37 billion won.

The company said reported net income came to 30.30 billion won, or 15,827.41 won per share, in the full year, compared with 30.48 billion won, or 15,920.00 won per share, the prior year.

As of March 10, US$1 was equivalent to 1,151.81 South Korean won.