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Saeron Automotive Q2 profit climbs 13.9% YOY

Saeron Automotive Corp. said its second-quarter normalized net income was 262.92 South Korean won per share, a gain of 13.8% from 231.02 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 5.05 billion won, an increase of 13.9% from 4.43 billion won in the prior-year period.

The normalized profit margin rose to 9.7% from 9.0% in the year-earlier period.

Total revenue increased 4.9% year over year to 51.85 billion won from 49.41 billion won, and total operating expenses rose 5.5% from the prior-year period to 44.38 billion won from 42.08 billion won.

Reported net income increased 34.8% year over year to 6.18 billion won, or 321.94 won per share, from 4.59 billion won, or 238.97 won per share.

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