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Topfield Co swings to profit in Q2

Topfield Co Ltd. said its normalized net income for the second quarter came to 121.35 South Korean won per share, compared with a loss of 530.89 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 1.54 billion won, compared with a loss of 6.79 billion won in the year-earlier period.

The normalized profit margin climbed to 24.3% from negative 174.5% in the year-earlier period.

Total revenue climbed 63.4% year over year to 6.36 billion won from 3.89 billion won, and total operating expenses increased 12.2% on an annual basis to 5.87 billion won from 5.23 billion won.

Reported net income totaled 2.40 billion won, or 188.58 won per share, compared to a loss of 10.89 billion won, or a loss of 850.81 won per share, in the prior-year period.

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