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Visang Education Q3 loss widens YOY

Visang Education Inc. said its normalized net income for the third quarter came to a loss of 104.20 South Korean won per share, compared with a loss of 26.02 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 1.28 billion won, compared with a loss of 324.2 million won in the year-earlier period.

The normalized profit margin declined to negative 5.2% from negative 1.3% in the year-earlier period.

Total revenue decreased year over year to 24.70 billion won from 25.37 billion won, and total operating expenses grew from the prior-year period to 26.63 billion won from 25.46 billion won.

Reported net income totaled a loss of 1.85 billion won, or a loss of 151.34 won per share, compared to a loss of 673.0 million won, or a loss of 54.00 won per share, in the year-earlier period.

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