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Seoyeon Q2 profit falls YOY

Seoyeon Co. Ltd. said its normalized net income for the second quarter was 2.64 billion won, a decrease of 78.7% from 12.41 billion won in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.3% from 1.7% in the year-earlier period.

Total revenue climbed on an annual basis to 757.95 billion won from 723.77 billion won, and total operating expenses rose 7.7% on an annual basis to 734.84 billion won from 682.30 billion won.

Reported net income decreased 8.4% from the prior-year period to 12.24 billion won, or 589.82 won per share, from 13.36 billion won.

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