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Hansung Enterprise swings to profit in Q3

Hansung Enterprise Co. Ltd. said its normalized net income for the third quarter came to 41.17 South Korean won per share, compared with a loss of 289.14 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 209.5 million won, compared with a loss of 1.47 billion won in the year-earlier period.

The normalized profit margin rose to 0.2% from negative 2.0% in the year-earlier period.

Total revenue rose 15.5% on an annual basis to 84.72 billion won from 73.32 billion won, and total operating expenses increased 11.8% year over year to 83.20 billion won from 74.42 billion won.

Reported net income totaled 226.0 million won, or 44.42 won per share, compared to a loss of 1.96 billion won, or a loss of 385.00 won per share, in the year-earlier period.

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