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Longtu Korea swings to profit in Q3

Longtu Korea Inc. said its third-quarter normalized net income was 81.61 South Korean won per share, compared with a loss of 29.34 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 1.50 billion won, compared with a loss of 208.3 million won in the year-earlier period.

The normalized profit margin climbed to 6.5% from negative 6.4% in the year-earlier period.

Total revenue rose on an annual basis to 28.37 billion won from 3.23 billion won, and total operating expenses rose year over year to 24.03 billion won from 3.58 billion won.

Reported net income came to 3.03 billion won, or 165.14 won per share, compared to a loss of 333.6 million won, or a loss of 47.00 won per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 1,172.96 South Korean won.