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Haitai Confectionery Q3 profit climbs YOY

Haitai Confectionery & Foods Co. Ltd. said its normalized net income for the third quarter came to 474.61 South Korean won per share, a gain from 173.82 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 8.84 billion won, a gain from 3.73 billion won in the year-earlier period.

The normalized profit margin increased to 4.1% from 2.0% in the year-earlier period.

Total revenue increased 14.8% on an annual basis to 214.54 billion won from 186.82 billion won, and total operating expenses grew 11.9% from the prior-year period to 197.32 billion won from 176.36 billion won.

Reported net income rose on an annual basis to 10.79 billion won, or 579.00 won per share, from 4.51 billion won, or 210.00 won per share.

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