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Alton Sports swings to loss in Q3

Alton Sports Co. Ltd. said its normalized net income for the third quarter came to a loss of 73.61 South Korean won per share, compared with 145.04 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 a loss of 839.0 million won, compared with income of 1.64 billion won in the prior-year period.

The normalized profit margin declined to negative 5.2% from 8.5% in the year-earlier period.

Total revenue decreased 16.3% on an annual basis to 16.10 billion won from 19.23 billion won, and total operating expenses grew on an annual basis to 16.44 billion won from 16.13 billion won.

Reported net income came to a loss of 969.8 million won, or a loss of 85.08 won per share, compared to income of 2.04 billion won, or 180.00 won per share, in the prior-year period.

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