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MS Autotech Q3 loss narrows YOY

MS Autotech Co. Ltd. said its third-quarter normalized net income came to a loss of 157.63 South Korean won per share, compared with a loss of 733.09 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 2.21 billion won, compared with a loss of 5.97 billion won in the prior-year period.

The normalized profit margin rose to negative 1.3% from negative 2.8% in the year-earlier period.

Total revenue decreased 20.9% year over year to 169.35 billion won from 214.05 billion won, and total operating expenses fell 23.6% on an annual basis to 157.25 billion won from 205.74 billion won.

Reported net income came to a loss of 5.58 billion won, or a loss of 401.25 won per share, compared to a loss of 5.10 billion won, or a loss of 626.00 won per share, in the year-earlier period.

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