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Saeron Automotive Q3 profit falls YOY

Saeron Automotive Corp. said its normalized net income for the third quarter came to 230.15 South Korean won per share, a decline of 12.6% from 263.24 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 4.42 billion won, a decline of 12.7% from 5.06 billion won in the year-earlier period.

The normalized profit margin declined to 9.6% from 10.3% in the year-earlier period.

Total revenue fell 6.2% on an annual basis to 46.00 billion won from 49.06 billion won, and total operating expenses declined on an annual basis to 39.68 billion won from 41.55 billion won.

Reported net income came to 5.90 billion won, or 307.26 won per share, compared to 5.94 billion won, or 309.00 won per share, in the prior-year period.

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