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Samick Musical Instruments Q3 profit climbs YOY

Samick Musical Instruments Co. Ltd. said its third-quarter normalized net income came to 50.77 South Korean won per share, an increase of 90.8% from 26.61 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 4.45 billion won, a gain from 2.21 billion won in the prior-year period.

The normalized profit margin climbed to 10.5% from 5.0% in the year-earlier period.

Total revenue decreased year over year to 42.49 billion won from 44.36 billion won, and total operating expenses decreased 11.0% from the prior-year period to 37.84 billion won from 42.53 billion won.

Reported net income rose 94.6% on an annual basis to 6.14 billion won, or 70.00 won per share, from 3.15 billion won, or 38.00 won per share.

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