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Silla SG swings to loss in Q2

Silla SG Co. Ltd. said its second-quarter normalized net income amounted to a loss of 18.43 South Korean won per share, compared with 35.54 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 73.7 million won, compared with income of 142.7 million won in the prior-year period.

The normalized profit margin fell to negative 0.6% from 0.8% in the year-earlier period.

Total revenue decreased 32.5% year over year to 12.58 billion won from 18.64 billion won, and total operating expenses declined 31.8% from the prior-year period to 12.45 billion won from 18.25 billion won.

Reported net income came to a loss of 112.2 million won, or a loss of 28.04 won per share, compared to income of 144.4 million won, or 35.97 won per share, in the prior-year period.

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