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Seoul Food Industrial swings to profit in Q3

Seoul Food Industrial Co. Ltd. said its normalized net income for the third quarter was 71 South Korean chon per share, compared with a loss of 23 chon per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 236.4 million won, compared with a loss of 76.3 million won in the year-earlier period.

The normalized profit margin climbed to 1.9% from negative 0.7% in the year-earlier period.

Total revenue increased 15.6% on an annual basis to 12.36 billion won from 10.69 billion won, and total operating expenses rose 11.9% year over year to 11.99 billion won from 10.72 billion won.

Reported net income totaled 312.5 million won, or 94 chon per share, compared to a loss of 143.6 million won, or a loss of 44 chon per share, in the prior-year period.

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