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Midong & Cinema swings to loss in Q3

Midong & Cinema Co. Ltd. said its normalized net income for the third quarter came to a loss of 17.62 South Korean won per share, compared with 48.95 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 a loss of 155.1 million won, compared with income of 419.8 million won in the year-earlier period.

The normalized profit margin dropped to negative 1.3% from 4.1% in the year-earlier period.

Total revenue decreased on an annual basis to 10.10 billion won from 10.23 billion won, and total operating expenses increased 6.4% from the prior-year period to 10.47 billion won from 9.85 billion won.

Reported net income came to a loss of 240.3 million won, or a loss of 27.30 won per share, compared to income of 669.0 million won, or 78.00 won per share, in the year-earlier period.

As of Nov. 25, US$1 was equivalent to 1,144.97 South Korean won.