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Seojin Automotive Q3 profit falls YOY

Seojin Automotive Co. Ltd. said its third-quarter normalized net income was 374.0 million won, a decline of 78.4% from 1.73 billion won in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.1% from 0.6% in the year-earlier period.

Total revenue rose 8.8% year over year to 308.18 billion won from 283.19 billion won, and total operating expenses increased 8.6% on an annual basis to 308.04 billion won from 283.72 billion won.

Reported net income came to 303.3 million won, compared with 1.79 billion won in the prior-year period.

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