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Shinsung Tongsang swings to loss in fiscal Q3

Shinsung Tongsang Co. Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to a loss of 18.15 South Korean won per share, compared with 372.17 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 2.61 billion won, compared with income of 955.4 million won in the prior-year period.

The normalized profit margin declined to negative 1.3% from 0.5% in the year-earlier period.

Total revenue climbed 8.8% on an annual basis to 198.43 billion won from 182.45 billion won, and total operating expenses rose 14.0% on an annual basis to 197.90 billion won from 173.58 billion won.

Reported net income came to a loss of 4.03 billion won, or a loss of 28.01 won per share, compared to a loss of 2.6 million won, or a loss of 1 won per share, in the prior-year period.

As of June 1, US$1 was equivalent to 1,115.34 South Korean won.