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Foodwell swings to profit in Q2

Foodwell Corp. said its second-quarter normalized net income came to 212.5 million won, compared with a loss of 305.9 million won in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.8% from negative 1.3% in the year-earlier period.

Total revenue rose 12.0% year over year to 25.96 billion won from 23.18 billion won, and total operating expenses rose 11.0% from the prior-year period to 24.90 billion won from 22.43 billion won.

Reported net income totaled 406.0 million won, or 50.76 won per share, compared to a loss of 301.1 million won in the year-earlier period.

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