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Daesung Industrial Q3 loss narrows YOY

Daesung Industrial Co. Ltd. said its normalized net income for the third quarter amounted to a loss of 576.77 South Korean won per share, compared with a loss of 4,301.96 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 9.12 billion won, compared with a loss of 17.58 billion won in the prior-year period.

The normalized profit margin climbed to negative 4.8% from negative 6.2% in the year-earlier period.

Total revenue decreased 19.2% on an annual basis to 228.59 billion won from 282.96 billion won, and total operating expenses fell 19.2% from the prior-year period to 229.62 billion won from 284.26 billion won.

Reported net income totaled a loss of 14.85 billion won, or a loss of 938.91 won per share, compared to a loss of 64.56 billion won, or a loss of 15,795.51 won per share, in the prior-year period.

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