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Sungchang Autotech Q3 profit climbs 89.3% YOY

Sungchang Autotech Co. Ltd. said its normalized net income for the third quarter came to 100.90 South Korean won per share, a gain of 88.3% from 53.59 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 736.5 million won, a gain of 89.3% from 389.1 million won in the prior-year period.

The normalized profit margin climbed to 2.1% from 1.1% in the year-earlier period.

Total revenue grew 11.3% on an annual basis to 37.68 billion won from 33.85 billion won, and total operating expenses grew 12.2% year over year to 36.96 billion won from 32.93 billion won.

Reported net income increased 52.1% on an annual basis to 872.6 million won, or 119.54 won per share, from 573.7 million won, or 79.00 won per share.

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