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Hwaseung R&A Q2 profit climbs 65.0% YOY

Hwaseung R&A Co. Ltd. said its normalized net income for the second quarter amounted to 272.19 South Korean won per share, an increase of 65.0% from 164.95 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 16.21 billion won, an increase of 65.0% from 9.83 billion won in the prior-year period.

The normalized profit margin climbed to 3.8% from 2.3% in the year-earlier period.

Total revenue fell on an annual basis to 430.28 billion won from 434.75 billion won, and total operating expenses declined on an annual basis to 402.40 billion won from 407.83 billion won.

Reported net income rose 39.3% year over year to 18.26 billion won, or 306.61 won per share, from 13.11 billion won, or 219.99 won per share.

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