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Visang Education Q2 loss narrows YOY

Visang Education Inc. said its second-quarter normalized net income was a loss of 146.32 South Korean won per share, compared with a loss of 434.82 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 a loss of 1.79 billion won, compared with a loss of 5.44 billion won in the year-earlier period.

The normalized profit margin rose to negative 8.5% from negative 31.9% in the year-earlier period.

Total revenue rose 23.2% year over year to 21.04 billion won from 17.08 billion won, and total operating expenses fell 5.9% on an annual basis to 24.20 billion won from 25.72 billion won.

Reported net income totaled a loss of 4.37 billion won, or a loss of 357.08 won per share, compared to a loss of 6.59 billion won, or a loss of 526.58 won per share, in the prior-year period.

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