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WFM Inc. swings to profit in Q3

WFM Inc. said its third-quarter normalized net income came to 110.45 South Korean won per share, compared with a loss of 30.11 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 554.7 million won, compared with a loss of 315.5 million won in the prior-year period.

The normalized profit margin climbed to 9.9% from negative 4.4% in the year-earlier period.

Total revenue declined 22.2% on an annual basis to 5.59 billion won from 7.18 billion won, and total operating expenses decreased 38.9% year over year to 4.65 billion won from 7.61 billion won.

Reported net income totaled 907.3 million won, or 180.67 won per share, compared to a loss of 1.01 billion won, or a loss of 96.16 won per share, in the prior-year period.

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