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TS Corp. swings to loss in Q2

TS Corp. said its normalized net income for the second quarter was a loss of 143.02 South Korean won per share, compared with 2,827.05 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 1.16 billion won, compared with income of 15.06 billion won in the year-earlier period.

The normalized profit margin dropped to negative 0.8% from 4.4% in the year-earlier period.

Total revenue declined on an annual basis to 336.71 billion won from 340.54 billion won, and total operating expenses grew from the prior-year period to 324.82 billion won from 319.05 billion won.

Reported net income came to a loss of 6.14 billion won, or a loss of 782.56 won per share, compared to income of 15.92 billion won, or 2,987.22 won per share, in the prior-year period.

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