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Sincetimes swings to loss in Q3

Sincetimes Co. Ltd. said its third-quarter normalized net income amounted to a loss of 49.06 South Korean won per share, compared with 33.55 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 a loss of 498.1 million won, compared with income of 340.5 million won in the year-earlier period.

The normalized profit margin fell to negative 14.0% from 7.4% in the year-earlier period.

Total revenue declined 22.9% on an annual basis to 3.55 billion won from 4.60 billion won, and total operating expenses declined 13.9% from the prior-year period to 4.29 billion won from 4.99 billion won.

Reported net income came to a loss of 796.8 million won, or a loss of 78.48 won per share, compared to income of 156.3 million won, or 15.40 won per share, in the year-earlier period.

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