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SAMJIN Q2 profit climbs YOY

Samjin Co. Ltd. said its normalized net income for the second quarter amounted to 146.31 South Korean won per share, an increase from 49.54 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 877.9 million won, a gain from 296.9 million won in the prior-year period.

The normalized profit margin increased to 3.3% from 0.8% in the year-earlier period.

Total revenue fell 30.4% year over year to 26.64 billion won from 38.29 billion won, and total operating expenses fell 29.4% from the prior-year period to 25.86 billion won from 36.61 billion won.

Reported net income increased 19.9% year over year to 948.9 million won, or 158.15 won per share, from 791.2 million won, or 132.00 won per share.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.