Samyang Foods Co. Ltd. said its third-quarter normalized net income was 66.79 South Korean won per share, a decline of 72.9% from 246.32 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 503.1 million won, a decrease of 72.9% from 1.85 billion won in the prior-year period.
The normalized profit margin dropped to 0.7% from 2.4% in the year-earlier period.
Total revenue decreased 8.5% year over year to 69.49 billion won from 75.96 billion won, and total operating expenses fell 8.2% year over year to 68.21 billion won from 74.31 billion won.
Reported net income declined 88.6% from the prior-year period to 263.6 million won, or 34.99 won per share, from 2.30 billion won, or 306.00 won per share.
As of Nov. 16, US$1 was equivalent to 1,172.80 South Korean won.