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Daejoo Co. swings to profit in Q3

Daejoo Co. Ltd. said its normalized net income for the third quarter was 3.45 South Korean won per share, compared with a loss of 1.86 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 122.1 million won, compared with a loss of 75.5 million won in the year-earlier period.

The normalized profit margin increased to 0.6% from negative 0.4% in the year-earlier period.

Total revenue climbed 13.3% on an annual basis to 20.71 billion won from 18.28 billion won, and total operating expenses grew 14.6% year over year to 20.38 billion won from 17.78 billion won.

Reported net income came to 108.2 million won, or 3.06 won per share, compared to a loss of 122.1 million won, or a loss of 3.00 won per share, in the year-earlier period.

As of Nov. 23, US$1 was equivalent to 1,158.94 South Korean won.