Sajo Industries Co. Ltd. said its normalized net income for the second quarter came to 85.53 South Korean won per share, a decrease of 38.4% from 138.92 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 423.0 million won, a decline of 37.2% from 673.2 million won in the prior-year period.

The normalized profit margin dropped to 0.2% from 0.2% in the year-earlier period.

Total revenue fell year over year to 279.26 billion won from 292.64 billion won, and total operating expenses fell on an annual basis to 274.01 billion won from 283.30 billion won.

Reported net income totaled a loss of 3.33 billion won, or a loss of 672.52 won per share, compared to income of 13.04 billion won, or 2,691.25 won per share, in the year-earlier period.

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