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Paradise Co. Q3 profit falls YOY

Paradise Co. Ltd. said its normalized net income for the third quarter amounted to 119.80 South Korean won per share, a decrease of 48.3% from 231.91 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 10.22 billion won, a decrease of 48.1% from 19.67 billion won in the year-earlier period.

The normalized profit margin dropped to 7.2% from 11.7% in the year-earlier period.

Total revenue decreased 14.9% on an annual basis to 142.78 billion won from 167.70 billion won, and total operating expenses decreased 5.7% year over year to 131.32 billion won from 139.27 billion won.

Reported net income decreased 45.1% on an annual basis to 12.33 billion won, or 144.55 won per share, from 22.46 billion won, or 264.79 won per share.

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