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Sincetimes swings to loss in Q2

Sincetimes Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 25.97 South Korean won per share, compared with 22.74 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 a loss of 263.6 million won, compared with income of 231.5 million won in the prior-year period.

The normalized profit margin fell to negative 6.8% from 4.4% in the year-earlier period.

Total revenue decreased 26.4% on an annual basis to 3.86 billion won from 5.25 billion won, and total operating expenses decreased 24.0% on an annual basis to 4.18 billion won from 5.50 billion won.

Reported net income came to a loss of 421.8 million won, or a loss of 41.55 won per share, compared to a loss of 21.3 million won, or a loss of 2.09 won per share, in the year-earlier period.

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