Hotel Shilla Co. Ltd. said its normalized net income for the second quarter amounted to 424.15 South Korean won per share, a decrease of 9.4% from 467.99 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 16.37 billion won, a decline of 11.3% from 18.44 billion won in the year-earlier period.

The normalized profit margin dropped to 1.9% from 2.6% in the year-earlier period.

Total revenue rose 19.1% year over year to 844.70 billion won from 709.05 billion won, and total operating expenses climbed 20.6% year over year to 815.30 billion won from 676.18 billion won.

Reported net income declined 29.2% from the prior-year period to 14.93 billion won, or 387.00 won per share, from 21.08 billion won, or 534.78 won per share.

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