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Guyoung Technology swings to profit in Q2

Guyoung Technology Co. Ltd. said its normalized net income for the second quarter was 13.97 South Korean won per share, compared with a loss of 16.74 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 256.7 million won, compared with a loss of 294.3 million won in the prior-year period.

The normalized profit margin rose to 0.6% from negative 0.7% in the year-earlier period.

Total revenue came to 42.59 billion won, compared with 42.72 billion won in the prior-year period, and total operating expenses totaled 41.76 billion won, compared with 41.51 billion won in the prior-year period.

Reported net income totaled 241.5 million won, or 13.14 won per share, compared to a loss of 302.5 million won, or a loss of 17.21 won per share, in the year-earlier period.

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