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Daedong Gear Q3 loss narrows YOY

Daedong Gear Co., Ltd. said its normalized net income for the third quarter was a loss of 1,117.41 South Korean won per share, compared with a loss of 1,184.78 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 1.00 billion won, compared with a loss of 1.07 billion won in the prior-year period.

The normalized profit margin declined to negative 5.3% from negative 4.0% in the year-earlier period.

Total revenue fell 28.7% year over year to 18.99 billion won from 26.64 billion won, and total operating expenses declined 27.8% on an annual basis to 20.31 billion won from 28.12 billion won.

Reported net income totaled a loss of 1.29 billion won, or a loss of 1,438.80 won per share, compared to a loss of 870.3 million won, or a loss of 968.00 won per share, in the year-earlier period.

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