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Silla Textile swings to profit in Q3

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Silla Textile swings to profit in Q3

Silla Textile Co. Ltd. said its third-quarter normalized net income came to 3.26 South Korean won per share, compared with a loss of 24.44 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 79.2 million won, compared with a loss of 593.2 million won in the prior-year period.

The normalized profit margin increased to 9.0% from negative 60.7% in the year-earlier period.

Total revenue declined 9.9% year over year to 880.4 million won from 976.6 million won, and total operating expenses decreased 67.7% year over year to 606.3 million won from 1.88 billion won.

Reported net income came to 126.7 million won, or 5.22 won per share, compared to a loss of 949.2 million won, or a loss of 39.10 won per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 1,172.96 South Korean won.