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Hanil Forging Industrial swings to profit in Q2

Hanil Forging Industrial Co. Ltd. said its second-quarter normalized net income came to 51.94 South Korean won per share, compared with a loss of 89.90 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 667.6 million won, compared with a loss of 1.09 billion won in the prior-year period.

The normalized profit margin rose to 1.6% from negative 3.2% in the year-earlier period.

Total revenue rose 18.9% year over year to 40.78 billion won from 34.30 billion won, and total operating expenses grew 15.4% year over year to 38.74 billion won from 33.57 billion won.

Reported net income came to 783.9 million won, or 60.99 won per share, compared to a loss of 1.47 billion won, or a loss of 122.06 won per share, in the year-earlier period.

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