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ShinWon swings to profit in Q3

ShinWon Corp. said its third-quarter normalized net income came to 56.38 South Korean won per share, compared with a loss of 1.99 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 3.16 billion won, compared with a loss of 114.4 million won in the year-earlier period.

The normalized profit margin climbed to 1.8% from negative 0.1% in the year-earlier period.

Total revenue rose 9.6% on an annual basis to 176.78 billion won from 161.28 billion won, and total operating expenses climbed 8.9% from the prior-year period to 172.30 billion won from 158.28 billion won.

Reported net income came to 4.06 billion won, or 72.48 won per share, compared to a loss of 288.2 million won, or a loss of 5.00 won per share, in the year-earlier period.

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