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Muhak Q2 profit falls YOY

Muhak Co. Ltd. said its normalized net income for the second quarter was 350.01 South Korean won per share, a decrease of 54.2% from 763.52 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 9.83 billion won, a decline of 54.3% from 21.53 billion won in the prior-year period.

The normalized profit margin dropped to 14.0% from 34.5% in the year-earlier period.

Total revenue increased 12.3% year over year to 70.11 billion won from 62.41 billion won, and total operating expenses climbed 14.8% on an annual basis to 54.36 billion won from 47.35 billion won.

Reported net income declined 54.5% on an annual basis to 11.78 billion won, or 419.59 won per share, from 25.92 billion won, or 919.17 won per share.

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