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Daedong Metals Q3 loss narrows YOY

Daedong Metals Co. Ltd. said its third-quarter normalized net income came to a loss of 285.57 South Korean won per share, compared with a loss of 777.86 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 a loss of 137.1 million won, compared with a loss of 186.4 million won in the prior-year period.

The normalized profit margin increased to negative 1.1% from negative 1.3% in the year-earlier period.

Total revenue fell 6.1% on an annual basis to 13.40 billion won from 14.27 billion won, and total operating expenses fell 5.3% on an annual basis to 13.57 billion won from 14.33 billion won.

Reported net income totaled a loss of 384.7 million won, or a loss of 801.54 won per share, compared to a loss of 234.8 million won, or a loss of 980.00 won per share, in the year-earlier period.

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