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Seoyon Topmetal Q2 profit falls YOY

Seoyon Topmetal Co. Ltd. said its normalized net income for the second quarter was 66.62 South Korean won per share, a decline of 47.2% from 126.08 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 776.2 million won, a decrease of 47.0% from 1.46 billion won in the prior-year period.

The normalized profit margin declined to 1.9% from 3.4% in the year-earlier period.

Total revenue decreased 6.4% year over year to 40.32 billion won from 43.08 billion won, and total operating expenses came to 39.48 billion won, compared with 39.55 billion won in the prior-year period.

Reported net income declined 59.9% on an annual basis to 702.1 million won, or 60.26 won per share, from 1.75 billion won, or 150.74 won per share.

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