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Hotel Shilla swings to loss in Q3

Hotel Shilla Co. Ltd. said its third-quarter normalized net income was a loss of 87.01 South Korean won per share, compared with 808.11 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 3.36 billion won, compared with income of 31.83 billion won in the prior-year period.

The normalized profit margin declined to negative 0.5% from 4.0% in the year-earlier period.

Total revenue decreased 7.7% year over year to 730.86 billion won from 792.20 billion won, and total operating expenses totaled 728.03 billion won, compared with 734.39 billion won in the year-earlier period.

Reported net income came to a loss of 9.69 billion won, or a loss of 250.96 won per share, compared to income of 36.87 billion won, or 936.00 won per share, in the prior-year period.

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