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Sungwoo Hitech Q3 profit falls YOY

Sungwoo Hitech Co. Ltd. said its normalized net income for the third quarter amounted to 90.10 South Korean won per share, a decline of 58.4% from 216.62 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 5.41 billion won, a decline of 58.5% from 13.02 billion won in the prior-year period.

The normalized profit margin declined to 0.7% from 1.7% in the year-earlier period.

Total revenue rose on an annual basis to 764.47 billion won from 751.52 billion won, and total operating expenses rose on an annual basis to 734.19 billion won from 714.54 billion won.

Reported net income increased 8.4% on an annual basis to 17.01 billion won, or 283.50 won per share, from 15.69 billion won, or 261.00 won per share.

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