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Inscobee swings to loss in Q3

Inscobee Inc. said its third-quarter normalized net income was a loss of 5.20 South Korean won per share, compared with 13 chon 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 365.2 million won, compared with income of 7.5 million won in the year-earlier period.

The normalized profit margin declined to negative 5.9% from 0.1% in the year-earlier period.

Total revenue declined 46.3% year over year to 6.21 billion won from 11.56 billion won, and total operating expenses declined 43.2% on an annual basis to 6.53 billion won from 11.50 billion won.

Reported net income came to a loss of 761.3 million won, or a loss of 10.84 won per share, compared to income of 12.0 million won, or 20 chon per share, in the year-earlier period.

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