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Dong Won Fisheries swings to profit in Q2

Dong Won Fisheries Co. Ltd. said its normalized net income for the second quarter was 40.68 South Korean won per share, compared with a loss of 282.99 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 165.1 million won, compared with a loss of 1.82 billion won in the year-earlier period.

The normalized profit margin climbed to 0.6% from negative 7.5% in the year-earlier period.

Total revenue grew year over year to 25.46 billion won from 24.37 billion won, and total operating expenses grew year over year to 25.33 billion won from 24.71 billion won.

Reported net income fell 66.3% on an annual basis to 56.4 million won, or 13.90 won per share, from 167.2 million won, or 26.07 won per share.

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