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Kyung Chang Industrial Q2 profit falls YOY

Kyung Chang Industrial Co. Ltd. said its second-quarter normalized net income was 337.05 South Korean won per share, a decline of 14.6% from 394.62 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 5.15 billion won, a decrease of 14.7% from 6.04 billion won in the prior-year period.

The normalized profit margin fell to 3.2% from 4.2% in the year-earlier period.

Total revenue rose 12.2% on an annual basis to 159.85 billion won from 142.41 billion won, and total operating expenses climbed 13.1% from the prior-year period to 149.13 billion won from 131.89 billion won.

Reported net income fell 39.5% from the prior-year period to 4.86 billion won, or 318.25 won per share, from 8.04 billion won, or 525.57 won per share.

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