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Shinsegae International swings to loss in Q3

Shinsegae International Co. Ltd. said its third-quarter normalized net income came to a loss of 239.99 South Korean won per share, compared with 548.85 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 1.71 billion won, compared with income of 3.92 billion won in the year-earlier period.

The normalized profit margin dropped to negative 0.7% from 1.8% in the year-earlier period.

Total revenue increased year over year to 230.03 billion won from 220.17 billion won, and total operating expenses rose 5.0% year over year to 231.79 billion won from 220.79 billion won.

Reported net income totaled a loss of 2.85 billion won, or a loss of 398.68 won per share, compared to income of 2.95 billion won, or 413.00 won per share, in the prior-year period.

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