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Iriver Q3 profit falls YOY

Iriver Ltd. said its third-quarter normalized net income came to 8 South Korean chon per share, a decline of 99.3% from 11.98 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 2.4 million won, a decrease of 99.2% from 313.1 million won in the year-earlier period.

The normalized profit margin dropped to 0.0% from 2.2% in the year-earlier period.

Total revenue decreased 15.9% year over year to 11.88 billion won from 14.13 billion won, and total operating expenses decreased 7.6% on an annual basis to 12.63 billion won from 13.67 billion won.

Reported net income decreased 99.6% on an annual basis to 3.9 million won, or 12 chon per share, from 1.07 billion won, or 41.00 won per share.

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