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Castec Korea Q4 profit falls YOY

Castec Korea Co. Ltd. said its normalized net income for the fourth quarter came to 31.27 South Korean won per share, a decline of 65.5% from 90.69 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 378.5 million won, a decrease of 65.5% from 1.10 billion won in the year-earlier period.

The normalized profit margin dropped to 0.7% from 1.9% in the year-earlier period.

Total revenue fell on an annual basis to 57.18 billion won from 58.86 billion won, and total operating expenses climbed year over year to 56.51 billion won from 54.78 billion won.

Reported net income totaled a loss of 232.6 million won, or a loss of 19.22 won per share, compared to income of 1.04 billion won, or 86.21 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 557.68 won per share, a fall of 15.6% from 660.93 won per share in the prior year.

Normalized net income was 6.75 billion won, a decrease of 15.9% from 8.03 billion won in the prior year.

Full-year total revenue increased year over year to 226.61 billion won from 217.94 billion won, and total operating expenses rose 5.2% on an annual basis to 212.89 billion won from 202.34 billion won.

The company said reported net income decreased 24.5% on an annual basis to 7.43 billion won, or 613.76 won per share, in the full year, from 9.84 billion won, or 810.00 won per share.

As of March 16, US$1 was equivalent to 1,126.74 South Korean won.