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Sambo Motors swings to profit in Q3

Sambo Motors Co. Ltd. said its third-quarter normalized net income was 124.74 South Korean won per share, compared with a loss of 21.01 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 1.32 billion won, compared with a loss of 215.0 million won in the prior-year period.

The normalized profit margin rose to 0.7% from negative 0.1% in the year-earlier period.

Total revenue rose 22.0% on an annual basis to 198.81 billion won from 162.93 billion won, and total operating expenses grew 22.6% year over year to 194.91 billion won from 158.97 billion won.

Reported net income grew from the prior-year period to 3.12 billion won, or 296.00 won per share, from 174.0 million won, or 17.00 won per share.

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