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Sewon swings to profit in Q3

Sewon Corp. said its normalized net income for the third quarter was 128.09 South Korean won per share, compared with a loss of 219.63 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 1.07 billion won, compared with a loss of 1.83 billion won in the prior-year period.

The normalized profit margin rose to 5.2% from negative 13.4% in the year-earlier period.

Total revenue increased 50.3% on an annual basis to 20.62 billion won from 13.71 billion won, and total operating expenses increased 20.4% on an annual basis to 20.70 billion won from 17.19 billion won.

Reported net income totaled 1.55 billion won, or 185.89 won per share, compared to a loss of 3.55 billion won, or a loss of 425.00 won per share, in the prior-year period.

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