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Agabang & Co. Q2 loss narrows YOY

Agabang & Co. said its normalized net income for the second quarter amounted to a loss of 49.89 South Korean won per share, compared with a loss of 67.42 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 1.63 billion won, compared with a loss of 1.88 billion won in the year-earlier period.

The normalized profit margin increased to negative 4.5% from negative 5.8% in the year-earlier period.

Total revenue climbed 10.6% year over year to 36.15 billion won from 32.68 billion won, and total operating expenses declined from the prior-year period to 39.04 billion won from 39.52 billion won.

Reported net income totaled a loss of 2.34 billion won, or a loss of 71.52 won per share, compared to a loss of 5.42 billion won, or a loss of 194.55 won per share, in the prior-year period.

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