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MS Autotech swings to profit in Q2

MS Autotech Co. Ltd. said its normalized net income for the second quarter was 987.27 South Korean won per share, compared with a loss of 114.98 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 13.83 billion won, compared with a loss of 949.0 million won in the year-earlier period.

The normalized profit margin rose to 5.1% from negative 0.5% in the year-earlier period.

Total revenue increased 23.0% year over year to 243.74 billion won from 198.16 billion won, and total operating expenses climbed 14.1% on an annual basis to 213.88 billion won from 187.50 billion won.

Reported net income totaled 18.70 billion won, or 1,335.00 won per share, compared to a loss of 2.16 billion won, or a loss of 261.13 won per share, in the year-earlier period.

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