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Sajo Seafood swings to loss in Q2

Sajo Seafood Co. Ltd. said its second-quarter normalized net income was a loss of 1.77 South Korean won per share, compared with 8.58 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 a loss of 30.5 million won, compared with income of 147.9 million won in the year-earlier period.

The normalized profit margin fell to 0.2% from 0.2% in the year-earlier period.

Total revenue came to 63.91 billion won, compared with 63.59 billion won in the year-earlier period, and total operating expenses came to 63.16 billion won, compared with 62.57 billion won in the prior-year period.

Reported net income rose year over year to 2.81 billion won, or 163.29 won per share, from 1.10 billion won, or 63.70 won per share.

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