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Motonic Q2 profit falls YOY

Motonic Corp. said its normalized net income for the second quarter was 117.80 South Korean won per share, a decrease of 34.8% from 180.70 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 2.69 billion won, a decrease of 34.9% from 4.14 billion won in the year-earlier period.

The normalized profit margin dropped to 5.0% from 7.0% in the year-earlier period.

Total revenue fell 9.1% on an annual basis to 53.44 billion won from 58.79 billion won, and total operating expenses fell from the prior-year period to 51.11 billion won from 53.12 billion won.

Reported net income fell 31.3% on an annual basis to 3.83 billion won, or 167.59 won per share, from 5.58 billion won, or 243.81 won per share.

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