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Kyung Chang Industrial swings to loss in Q3

Kyung Chang Industrial Co. Ltd. said its normalized net income for the third quarter came to a loss of 37.82 South Korean won per share, compared with 38.18 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 a loss of 561.9 million won, compared with income of 583.0 million won in the year-earlier period.

The normalized profit margin dropped to negative 0.4% from 0.5% in the year-earlier period.

Total revenue increased 7.5% year over year to 135.41 billion won from 125.92 billion won, and total operating expenses climbed 10.9% on an annual basis to 137.28 billion won from 123.78 billion won.

Reported net income came to a loss of 620.4 million won, or a loss of 129.00 won per share, compared to income of 870.4 million won, or 57.00 won per share, in the prior-year period.

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