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Seong An swings to profit in Q2

Seong An co. Ltd. said its normalized net income for the second quarter amounted to 3.99 South Korean won per share, compared with a loss of 5.79 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 219.1 million won, compared with a loss of 343.9 million won in the year-earlier period.

The normalized profit margin climbed to 0.4% from negative 0.5% in the year-earlier period.

Total revenue decreased 16.8% on an annual basis to 52.60 billion won from 63.24 billion won, and total operating expenses decreased 22.0% year over year to 50.42 billion won from 64.67 billion won.

Reported net income totaled 512.2 million won, or 9.33 won per share, compared to a loss of 610.0 million won, or a loss of 10.27 won per share, in the year-earlier period.

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