Chinyang Chemical Corp. said its third-quarter normalized net income was 51.70 South Korean won per share, a decline of 27.7% from 71.53 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 620.4 million won, a decrease of 27.8% from 859.6 million won in the year-earlier period.

The normalized profit margin fell to 3.5% from 4.3% in the year-earlier period.

Total revenue declined 11.5% on an annual basis to 17.76 billion won from 20.06 billion won, and total operating expenses declined 10.8% on an annual basis to 16.79 billion won from 18.82 billion won.

Reported net income decreased 23.8% on an annual basis to 787.5 million won, or 65.63 won per share, from 1.03 billion won, or 86.00 won per share.

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