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Chonbang Q2 loss widens YOY

Chonbang Co. Ltd. said its normalized net income for the second quarter came to a loss of 2,068.01 South Korean won per share, compared with a loss of 560.85 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 2.36 billion won, compared with a loss of 639.3 million won in the prior-year period.

The normalized profit margin dropped to negative 3.8% from negative 1.0% in the year-earlier period.

Total revenue came to 62.51 billion won, compared with 62.01 billion won in the year-earlier period, and total operating expenses decreased year over year to 62.85 billion won from 63.67 billion won.

Reported net income came to a loss of 3.90 billion won, or a loss of 3,420.51 won per share, compared to a loss of 998.5 million won, or a loss of 875.89 won per share, in the prior-year period.

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