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Korea Industrial Q2 profit falls YOY

Korea Industrial Co. Ltd. said its second-quarter normalized net income came to 48.67 South Korean won per share, a decline of 61.6% from 126.62 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 1.17 billion won, a decrease of 62.0% from 3.09 billion won in the prior-year period.

The normalized profit margin declined to 3.0% from 6.7% in the year-earlier period.

Total revenue grew year over year to 47.06 billion won from 45.91 billion won, and total operating expenses grew 7.0% from the prior-year period to 44.99 billion won from 42.05 billion won.

Reported net income declined 63.4% year over year to 1.50 billion won, or 62.07 won per share, from 4.09 billion won, or 167.42 won per share.

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