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Samsung SDI swings to loss in Q2

Samsung SDI Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 4,079.01 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,195.84 won per share.

The per-share result swung to a loss from the prior-year profit of 1,104.14 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 280.35 billion won, compared with income of 50.97 billion won in the prior-year period.

The normalized profit margin declined to negative 22.8% from 6.1% in the year-earlier period.

Total revenue grew 120.8% year over year to 1.844 trillion won from 835.16 billion won, and total operating expenses grew 127.8% from the prior-year period to 1.848 trillion won from 811.25 billion won.

Reported net income came to a loss of 296.93 billion won, or a loss of 4,320.26 won per share, compared with income of 59.94 billion won, or 1,298.46 won per share, in the prior-year period.

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