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Pyeong Hwa Automotive Q2 profit climbs 51.3% YOY

Pyeong Hwa Automotive Co. Ltd. said its normalized net income for the second quarter came to 550.25 South Korean won per share, a gain of 51.6% from 362.86 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 11.55 billion won, an increase of 51.3% from 7.63 billion won in the prior-year period.

The normalized profit margin climbed to 4.1% from 3.0% in the year-earlier period.

Total revenue rose 10.3% on an annual basis to 283.48 billion won from 256.99 billion won, and total operating expenses increased 10.9% year over year to 266.81 billion won from 240.69 billion won.

Reported net income increased 51.3% on an annual basis to 15.78 billion won, or 751.41 won per share, from 10.43 billion won, or 495.80 won per share.

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