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Codes Combine swings to profit in Q3

Codes Combine Co. Ltd. said its normalized net income for the third quarter amounted to 276.90 South Korean won per share, compared with a loss of 76.78 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 10.48 billion won, compared with a loss of 3.89 billion won in the year-earlier period.

The normalized profit margin fell to negative 77.0% from negative 16.2% in the year-earlier period.

Total revenue fell 89.3% year over year to 2.58 billion won from 24.03 billion won, and total operating expenses declined 80.5% year over year to 5.34 billion won from 27.37 billion won.

Reported net income totaled 16.76 billion won, or 442.95 won per share, compared to a loss of 4.91 billion won, or a loss of 97.00 won per share, in the year-earlier period.

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