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Samyang Tongsang swings to loss in Q3

Samyang Tongsang Co. Ltd. said its normalized net income for the third quarter was a loss of 160.24 South Korean won per share, compared with 395.36 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 a loss of 480.7 million won, compared with income of 1.19 billion won in the prior-year period.

The normalized profit margin fell to negative 1.0% from 2.5% in the year-earlier period.

Total revenue increased 6.4% year over year to 50.18 billion won from 47.16 billion won, and total operating expenses grew 6.7% on an annual basis to 47.18 billion won from 44.21 billion won.

Reported net income came to a loss of 462.0 million won, or a loss of 154.00 won per share, compared to income of 1.32 billion won, or 440.00 won per share, in the prior-year period.

As of Nov. 16, US$1 was equivalent to 1,172.80 South Korean won.