Daejoo Co. Ltd. said its second-quarter normalized net income came to 17.54 South Korean won per share, a decrease of 47.5% from 33.39 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 620.6 million won, a decrease of 36.2% from 973.2 million won in the prior-year period.

The normalized profit margin fell to 2.9% from 5.2% in the year-earlier period.

Total revenue increased 15.9% on an annual basis to 21.64 billion won from 18.67 billion won, and total operating expenses climbed 16.3% from the prior-year period to 20.49 billion won from 17.61 billion won.

Reported net income declined 52.5% on an annual basis to 692.2 million won, or 19.56 won per share, from 1.46 billion won, or 49.96 won per share.

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