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3S Korea swings to loss in fiscal Q3

3S KOREA Co. Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 11.30 South Korean won per share, compared with 1.24 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 a loss of 461.9 million won, compared with income of 44.6 million won in the year-earlier period.

The normalized profit margin declined to negative 10.3% from 0.7% in the year-earlier period.

Total revenue decreased 27.0% on an annual basis to 4.46 billion won from 6.11 billion won, and total operating expenses declined 33.6% on an annual basis to 3.88 billion won from 5.84 billion won.

Reported net income came to a loss of 3.29 billion won, or a loss of 80.57 won per share, compared to income of 72.0 million won, or 2.00 won per share, in the prior-year period.

As of Feb. 15, US$1 was equivalent to 1,212.28 South Korean won.