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Daesung Finetec Q2 profit falls YOY

Daesung Finetec Co. Ltd. said its second-quarter normalized net income came to 19.73 South Korean won per share, a decrease of 7.1% from 21.24 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 503.5 million won, a decrease of 5.2% from 531.3 million won in the prior-year period.

The normalized profit margin dropped to 5.1% from 5.8% in the year-earlier period.

Total revenue rose 8.3% year over year to 9.88 billion won from 9.13 billion won, and total operating expenses grew 10.6% on an annual basis to 9.08 billion won from 8.20 billion won.

Reported net income fell from the prior-year period to 725.0 million won, or 28.41 won per share, from 735.9 million won, or 29.43 won per share.

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