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Topfield Co swings to loss in Q3

Topfield Co Ltd. said its third-quarter normalized net income was a loss of 13.54 South Korean won per share, compared with 101.25 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 209.7 million won, compared with income of 1.29 billion won in the prior-year period.

The normalized profit margin fell to negative 3.5% from 25.9% in the year-earlier period.

Total revenue increased 19.4% on an annual basis to 5.94 billion won from 4.97 billion won, and total operating expenses climbed 74.6% on an annual basis to 6.15 billion won from 3.52 billion won.

Reported net income came to a loss of 352.4 million won, or a loss of 22.76 won per share, compared to income of 1.99 billion won, or 156.30 won per share, in the prior-year period.

As of Nov. 3, US$1 was equivalent to 1,143.93 South Korean won.