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Kwang Jin Wintec swings to profit in Q3

Kwang Jin Wintec Co. Ltd. said its normalized net income for the third quarter amounted to 150.13 South Korean won per share, compared with a loss of 10.66 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.36 billion won, compared with a loss of 97.8 million won in the prior-year period.

The normalized profit margin climbed to 5.6% from negative 0.4% in the year-earlier period.

Total revenue climbed 10.1% year over year to 24.10 billion won from 21.90 billion won, and total operating expenses increased 12.5% from the prior-year period to 23.73 billion won from 21.10 billion won.

Reported net income totaled 1.88 billion won, or 207.25 won per share, compared to a loss of 247.8 million won, or a loss of 27.00 won per share, in the prior-year period.

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