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Coreana Cosmetics swings to profit in Q2

Coreana Cosmetics Co. Ltd. said its second-quarter normalized net income was 67.86 South Korean won per share, compared with a loss of 24.00 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 2.13 billion won, compared with a loss of 759.9 million won in the year-earlier period.

The normalized profit margin increased to 5.4% from negative 3.0% in the year-earlier period.

Total revenue climbed 54.7% year over year to 39.23 billion won from 25.36 billion won, and total operating expenses grew 38.0% from the prior-year period to 35.84 billion won from 25.97 billion won.

Reported net income totaled 2.63 billion won, or 83.87 won per share, compared to a loss of 1.24 billion won, or a loss of 39.02 won per share, in the prior-year period.

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