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Seoyon Topmetal Q3 profit falls YOY

Seoyon Topmetal Co. Ltd. said its normalized net income for the third quarter was 11.96 South Korean won per share, a decline of 94.0% from 200.26 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 139.3 million won, a decrease of 94.0% from 2.34 billion won in the year-earlier period.

The normalized profit margin dropped to 0.4% from 5.5% in the year-earlier period.

Total revenue declined 18.2% on an annual basis to 34.69 billion won from 42.39 billion won, and total operating expenses declined 13.2% year over year to 33.95 billion won from 39.14 billion won.

Reported net income declined 94.6% year over year to 148.8 million won, or 12.77 won per share, from 2.74 billion won, or 235.00 won per share.

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