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Kodaco swings to profit in Q2

Kodaco Co. Ltd. said its second-quarter normalized net income came to 42.26 South Korean won per share, compared with a loss of 15.81 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 1.25 billion won, compared with a loss of 442.8 million won in the year-earlier period.

The normalized profit margin rose to 2.1% from negative 0.7% in the year-earlier period.

Total revenue increased 13.3% year over year to 68.01 billion won from 60.00 billion won, and total operating expenses climbed 15.1% from the prior-year period to 64.31 billion won from 55.87 billion won.

Reported net income came to 1.21 billion won, or 41.00 won per share, compared to a loss of 725.0 million won, or a loss of 25.88 won per share, in the prior-year period.

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