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Taeyang Metal Industrial Q3 profit climbs YOY

Taeyang Metal Industrial Co. Ltd. said its normalized net income for the third quarter amounted to 38.20 South Korean won per share, an increase from 16.07 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.36 billion won, an increase from 572.1 million won in the year-earlier period.

The normalized profit margin climbed to 1.1% from 0.5% in the year-earlier period.

Total revenue grew 5.5% on an annual basis to 121.22 billion won from 114.91 billion won, and total operating expenses climbed from the prior-year period to 118.56 billion won from 113.10 billion won.

Reported net income totaled a loss of 1.38 billion won, or a loss of 38.77 won per share, compared to income of 337.1 million won, or 9.47 won per share, in the prior-year period.

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