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GeneOne Life Science swings to profit in Q3

GeneOne Life Science Inc. said its normalized net income for the third quarter amounted to 139.23 South Korean won per share, compared with a loss of 54.38 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 2.22 billion won, compared with a loss of 610.6 million won in the prior-year period.

The normalized profit margin climbed to 29.9% from negative 10.1% in the year-earlier period.

Total revenue rose 23.0% on an annual basis to 7.41 billion won from 6.03 billion won, and total operating expenses rose 5.3% year over year to 7.51 billion won from 7.13 billion won.

Reported net income came to 3.53 billion won, or 221.76 won per share, compared to a loss of 977.0 million won, or a loss of 87.00 won per share, in the year-earlier period.

As of Nov. 10, US$1 was equivalent to 1,159.52 South Korean won.