Korea Industrial Co. Ltd. said its normalized net income for the third quarter was 37.45 South Korean won per share, a decrease of 39.3% from 61.69 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 904.1 million won, a decrease of 39.1% from 1.48 billion won in the prior-year period.

The normalized profit margin declined to 1.5% from 3.4% in the year-earlier period.

Total revenue rose on an annual basis to 45.03 billion won from 44.20 billion won, and total operating expenses climbed 5.3% from the prior-year period to 44.06 billion won from 41.83 billion won.

Reported net income declined 50.4% from the prior-year period to 931.4 million won, or 38.58 won per share, from 1.88 billion won, or 78.00 won per share.

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