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Kangwon Land Q3 profit climbs 17.7% YOY

Kangwon Land Inc. said its normalized net income for the third quarter amounted to 504.18 South Korean won per share, an increase of 17.7% from 428.26 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 102.22 billion won, an increase of 17.7% from 86.86 billion won in the prior-year period.

The normalized profit margin rose to 24.7% from 22.0% in the year-earlier period.

Total revenue climbed 5.0% on an annual basis to 413.50 billion won from 393.98 billion won, and total operating expenses fell from the prior-year period to 256.02 billion won from 261.23 billion won.

Reported net income increased 12.8% from the prior-year period to 118.97 billion won, or 586.82 won per share, from 105.47 billion won, or 520.00 won per share.

As of Nov. 12, US$1 was equivalent to 1,159.89 South Korean won.