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ESTec Q2 profit falls YOY

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ESTec Q2 profit falls YOY

ESTec Corp. said its normalized net income for the second quarter amounted to 383.34 South Korean won per share, a decline of 20.4% from 481.82 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 3.22 billion won, a decline of 20.4% from 4.05 billion won in the year-earlier period.

The normalized profit margin declined to 5.0% from 5.5% in the year-earlier period.

Total revenue decreased 12.5% year over year to 64.05 billion won from 73.24 billion won, and total operating expenses decreased 10.2% year over year to 60.02 billion won from 66.81 billion won.

Reported net income declined 16.3% from the prior-year period to 4.04 billion won, or 480.48 won per share, from 4.83 billion won, or 574.11 won per share.

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