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Shinil Industrial Q2 profit falls YOY

Shinil Industrial Co. Ltd. said its second-quarter normalized net income came to 2.92 South Korean won per share, a decrease of 95.5% from 64.48 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 202.6 million won, a decrease of 94.5% from 3.66 billion won in the year-earlier period.

The normalized profit margin fell to negative 0.1% from 8.0% in the year-earlier period.

Total revenue decreased 10.9% year over year to 40.92 billion won from 45.93 billion won, and total operating expenses decreased from the prior-year period to 40.01 billion won from 40.62 billion won.

Reported net income declined 84.0% year over year to 722.8 million won, or 10.41 won per share, from 4.53 billion won, or 79.88 won per share.

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