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Sajohaepyo swings to loss in Q3

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Sajohaepyo swings to loss in Q3

Sajohaepyo Corp. said its normalized net income for the third quarter amounted to a loss of 241.85 South Korean won per share, compared with 222.41 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 1.73 billion won, compared with income of 1.59 billion won in the prior-year period.

The normalized profit margin dropped to negative 0.9% from 0.9% in the year-earlier period.

Total revenue increased on an annual basis to 190.82 billion won from 184.37 billion won, and total operating expenses increased on an annual basis to 183.72 billion won from 179.57 billion won.

Reported net income grew year over year to 8.94 billion won, or 1,248.98 won per share, from 1.95 billion won, or 273.00 won per share.

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