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Muhak swings to loss in Q3

Muhak Co. Ltd. said its normalized net income for the third quarter was a loss of 672.06 South Korean won per share, compared with 449.33 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 a loss of 18.84 billion won, compared with income of 12.64 billion won in the prior-year period.

The normalized profit margin dropped to negative 25.7% from 18.0% in the year-earlier period.

Total revenue grew year over year to 73.37 billion won from 70.21 billion won, and total operating expenses increased 10.2% from the prior-year period to 57.18 billion won from 51.87 billion won.

Reported net income came to a loss of 23.29 billion won, or a loss of 830.50 won per share, compared to income of 16.47 billion won, or 585.50 won per share, in the prior-year period.

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