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Pan-Pacific swings to loss in Q2

Pan-Pacific Co. Ltd. said its second-quarter normalized net income was a loss of 110.04 South Korean won per share, compared with 152.42 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 a loss of 4.08 billion won, compared with income of 6.27 billion won in the year-earlier period.

The normalized profit margin fell to negative 2.1% from 3.1% in the year-earlier period.

Total revenue decreased 5.4% year over year to 192.78 billion won from 203.70 billion won, and total operating expenses declined from the prior-year period to 191.28 billion won from 198.37 billion won.

Reported net income totaled a loss of 7.55 billion won, or a loss of 203.62 won per share, compared to income of 6.12 billion won, or 148.57 won per share, in the prior-year period.

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