Pungguk Ethanol Industrial Co. Ltd. said its normalized net income for the third quarter amounted to 84.29 South Korean won per share, a decrease of 34.5% from 128.67 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 1.06 billion won, a decline of 34.5% from 1.62 billion won in the year-earlier period.

The normalized profit margin fell to 4.4% from 6.1% in the year-earlier period.

Total revenue decreased 9.6% year over year to 24.12 billion won from 26.69 billion won, and total operating expenses declined 6.6% year over year to 22.35 billion won from 23.92 billion won.

Reported net income declined 33.4% from the prior-year period to 1.35 billion won, or 106.96 won per share, from 2.02 billion won, or 160.67 won per share.

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