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Shinsung Tongsang swings to profit in fiscal Q1

Shinsung Tongsang Co. Ltd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 12.97 South Korean won per share, compared with a loss of 5.76 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 1.86 billion won, compared with a loss of 785.1 million won in the prior-year period.

The normalized profit margin rose to 0.9% from negative 0.4% in the year-earlier period.

Total revenue rose on an annual basis to 204.15 billion won from 195.12 billion won, and total operating expenses increased year over year to 196.34 billion won from 192.98 billion won.

Reported net income totaled 1.48 billion won, or 10.33 won per share, compared to a loss of 2.40 billion won, or a loss of 17.58 won per share, in the year-earlier period.

As of Dec. 1, US$1 was equivalent to 1,109.60 South Korean won.