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Samyang Q2 profit falls YOY

Samyang Corp. said its second-quarter normalized net income amounted to 1,472.05 South Korean won per share, a decrease of 60.3% from 3,706.09 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 8.59 billion won, a decrease of 51.7% from 17.78 billion won in the year-earlier period.

The normalized profit margin declined to 2.5% from 4.9% in the year-earlier period.

Total revenue decreased 6.5% year over year to 337.11 billion won from 360.37 billion won, and total operating expenses fell on an annual basis to 320.09 billion won from 335.56 billion won.

Reported net income fell 52.4% year over year to 9.80 billion won, or 1,679.93 won per share, from 20.62 billion won, or 4,296.74 won per share.

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