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Samyang Tongsang Q2 profit falls YOY

Samyang Tongsang Co. Ltd. said its normalized net income for the second quarter amounted to 489.29 South Korean won per share, a decline of 38.6% from 796.36 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 1.47 billion won, a decline of 38.5% from 2.39 billion won in the year-earlier period.

The normalized profit margin dropped to 2.6% from 4.8% in the year-earlier period.

Total revenue increased 15.7% year over year to 57.54 billion won from 49.72 billion won, and total operating expenses climbed 13.2% year over year to 54.97 billion won from 48.55 billion won.

Reported net income rose 86.7% on an annual basis to 5.34 billion won, or 1,779.91 won per share, from 2.86 billion won, or 954.66 won per share.

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