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Daesung Industrial Q2 loss narrows YOY

Daesung Industrial Co. Ltd. said its normalized net income for the second quarter was a loss of 571.49 South Korean won per share, compared with a loss of 4,012.53 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.76 billion won, compared with a loss of 16.40 billion won in the year-earlier period.

The normalized profit margin declined to negative 7.9% from negative 6.1% in the year-earlier period.

Total revenue decreased 13.4% year over year to 233.53 billion won from 269.78 billion won, and total operating expenses decreased 13.0% on an annual basis to 238.79 billion won from 274.46 billion won.

Reported net income came to a loss of 21.29 billion won, or a loss of 883.86 won per share, compared to a loss of 73.61 billion won, or a loss of 18,009.66 won per share, in the year-earlier period.

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