Megastudy Co. Ltd. said its normalized net income for the second quarter was 649.36 South Korean won per share, a decrease of 5.7% from 688.94 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 2.57 billion won, a decrease of 5.7% from 2.72 billion won in the year-earlier period.

The normalized profit margin dropped to 6.4% from 7.3% in the year-earlier period.

Total revenue increased 8.2% on an annual basis to 40.13 billion won from 37.09 billion won, and total operating expenses rose 6.8% year over year to 33.23 billion won from 31.11 billion won.

Reported net income rose 48.1% on an annual basis to 6.34 billion won, or 1,605.24 won per share, from 4.28 billion won, or 1,084.46 won per share.

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