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Samsung C&T swings to loss in Q2

Samsung C&T Corp. said its second-quarter normalized net income was a loss of 24.29 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 369.14 won per share.

The per-share result swung to a loss from the prior-year profit of 310.71 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.82 billion won, compared with income of 32.92 billion won in the prior-year period.

The normalized profit margin declined to negative 9.8% from 2.7% in the year-earlier period.

Total revenue rose 5.8% on an annual basis to 1.311 trillion won from 1.240 trillion won, and total operating expenses rose 8.0% on an annual basis to 1.272 trillion won from 1.178 trillion won.

Reported net income came to a loss of 26.04 billion won, or a loss of 224.56 won per share, compared with income of 26.03 billion won, or 245.62 won per share, in the prior-year period.

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