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Hanwha Galleria Timeworld swings to loss in Q3

Hanwha Galleria Timeworld Co. Ltd. said its third-quarter normalized net income amounted to a loss of 58.14 South Korean won per share, compared with 839.01 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 a loss of 342.9 million won, compared with income of 4.89 billion won in the year-earlier period.

The normalized profit margin dropped to negative 0.9% from 11.1% in the year-earlier period.

Total revenue declined 15.9% year over year to 37.16 billion won from 44.20 billion won, and total operating expenses fell on an annual basis to 35.83 billion won from 36.24 billion won.

Reported net income totaled a loss of 1.96 billion won, or a loss of 331.90 won per share, compared to income of 6.08 billion won, or 1,042.00 won per share, in the prior-year period.

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