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Gwangju Shinsegae Q3 profit climbs 10.8% YOY

Gwangju Shinsegae Co. Ltd. said its third-quarter normalized net income amounted to 4,943.00 South Korean won per share, an increase of 10.8% from 4,459.39 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 7.91 billion won, an increase of 10.8% from 7.14 billion won in the prior-year period.

The normalized profit margin rose to 15.7% from 14.1% in the year-earlier period.

Total revenue came to 50.37 billion won, compared with 50.53 billion won in the prior-year period, and total operating expenses declined from the prior-year period to 39.04 billion won from 39.85 billion won.

Reported net income increased 8.9% year over year to 9.69 billion won, or 6,053.91 won per share, from 8.90 billion won, or 5,559.00 won per share.

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