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Hansung Enterprise swings to profit in Q2

Hansung Enterprise Co. Ltd. said its second-quarter normalized net income amounted to 17.89 South Korean won per share, compared with a loss of 71.76 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 91.0 million won, compared with a loss of 365.8 million won in the year-earlier period.

The normalized profit margin declined to negative 1.0% from negative 0.5% in the year-earlier period.

Total revenue fell 15.2% on an annual basis to 59.84 billion won from 70.57 billion won, and total operating expenses decreased 15.5% on an annual basis to 58.88 billion won from 69.68 billion won.

Reported net income came to 507.6 million won, or 99.75 won per share, compared to a loss of 207.9 million won, or a loss of 40.79 won per share, in the prior-year period.

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