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Grand Korea Leisure profit misses consensus by 20.7% in Q3

Grand Korea Leisure Co. Ltd. said its normalized net income for the third quarter amounted to 302.28 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 381.00 won per share.

EPS declined 38.8% year over year from 493.79 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.70 billion won, a decrease of 38.8% from 30.55 billion won in the prior-year period.

The normalized profit margin dropped to 16.8% from 22.5% in the year-earlier period.

Total revenue decreased 18.0% on an annual basis to 111.28 billion won from 135.64 billion won, and total operating expenses decreased 12.1% from the prior-year period to 84.81 billion won from 96.43 billion won.

Reported net income declined 41.5% from the prior-year period to 22.58 billion won, or 365.02 won per share, from 38.61 billion won, or 624.00 won per share.

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