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Kolen Co. swings to profit in Q3

Kolen Co. Ltd. said its normalized net income for the third quarter amounted to 77.09 South Korean won per share, compared with a loss of 309.13 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 762.2 million won, compared with a loss of 2.67 billion won in the prior-year period.

The normalized profit margin climbed to 3.6% from negative 15.6% in the year-earlier period.

Total revenue grew 43.3% on an annual basis to 24.50 billion won from 17.10 billion won, and total operating expenses rose 7.8% year over year to 22.56 billion won from 20.93 billion won.

Reported net income totaled 1.33 billion won, or 134.71 won per share, compared to a loss of 3.99 billion won, or a loss of 463.00 won per share, in the prior-year period.

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