Chokwang Leather Co. Ltd. said its normalized net income for the third quarter was 256.43 South Korean won per share, a decrease of 36.9% from 406.45 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 953.8 million won, a decline of 34.9% from 1.46 billion won in the year-earlier period.

The normalized profit margin declined to 2.3% from 3.2% in the year-earlier period.

Total revenue decreased 9.5% on an annual basis to 41.61 billion won from 45.98 billion won, and total operating expenses fell 8.7% year over year to 39.98 billion won from 43.80 billion won.

Reported net income declined 28.2% from the prior-year period to 1.36 billion won, or 366.67 won per share, from 1.90 billion won, or 527.00 won per share.

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