Golfzonyouwonholdings Co. Ltd. said its third-quarter normalized net income was 19.65 South Korean won per share, a decline of 9.7% from 21.77 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 840.1 million won, an increase of 5.1% from 799.6 million won in the prior-year period.

The normalized profit margin declined to 1.7% from 2.3% in the year-earlier period.

Total revenue climbed 37.9% year over year to 48.61 billion won from 35.24 billion won, and total operating expenses grew 24.2% year over year to 46.05 billion won from 37.07 billion won.

Reported net income fell 55.1% on an annual basis to 98.4 million won, or 2.30 won per share, from 219.2 million won, or 5.97 won per share.

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