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Daidong Electronics swings to loss in fiscal Q3

Daidong Electronics Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 29.83 South Korean won per share, compared with 62.44 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 256.5 million won, compared with income of 545.5 million won in the prior-year period.

The normalized profit margin dropped to negative 2.3% from 3.9% in the year-earlier period.

Total revenue decreased 20.7% on an annual basis to 11.13 billion won from 14.04 billion won, and total operating expenses decreased 16.6% on an annual basis to 11.46 billion won from 13.73 billion won.

Reported net income came to a loss of 436.9 million won, or a loss of 50.81 won per share, compared to income of 226.4 million won, or 25.92 won per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 1,207.85 South Korean won.