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Winix swings to loss in Q2

Winix Inc. said its normalized net income for the second quarter amounted to a loss of 39.29 South Korean won per share, compared with 835.27 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 601.0 million won, compared with income of 8.55 billion won in the year-earlier period.

The normalized profit margin fell to negative 0.8% from 7.0% in the year-earlier period.

Total revenue declined 41.4% year over year to 71.09 billion won from 121.32 billion won, and total operating expenses fell 35.2% year over year to 69.89 billion won from 107.94 billion won.

Reported net income totaled a loss of 1.22 billion won, or a loss of 79.51 won per share, compared to income of 10.00 billion won, or 976.92 won per share, in the prior-year period.

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