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Korea Flange Q3 profit falls YOY

Korea Flange Co. Ltd. said its normalized net income for the third quarter came to 106.76 South Korean won per share, a gain from 41.34 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 650.2 million won, a decline from 663.3 million won in the prior-year period.

The normalized profit margin fell to 0.2% from 0.3% in the year-earlier period.

Total revenue climbed 20.9% on an annual basis to 271.76 billion won from 224.78 billion won, and total operating expenses rose 20.5% on an annual basis to 270.59 billion won from 224.52 billion won.

Reported net income totaled 3.30 billion won, or 542.65 won per share, compared to a loss of 786.2 million won, or a loss of 49.00 won per share, in the prior-year period.

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