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SG Choongbang swings to loss in Q3

SG Choongbang Co. Ltd. said its third-quarter normalized net income was a loss of 32.27 South Korean won per share, compared with 7.21 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 1.35 billion won, compared with income of 307.5 million won in the year-earlier period.

The normalized profit margin fell to negative 5.1% from 1.2% in the year-earlier period.

Total revenue climbed on an annual basis to 26.19 billion won from 25.80 billion won, and total operating expenses climbed 10.0% from the prior-year period to 27.87 billion won from 25.33 billion won.

Reported net income came to a loss of 2.11 billion won, or a loss of 50.47 won per share, compared to income of 852.4 million won, or 20.00 won per share, in the year-earlier period.

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