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NongShim Holdings Q2 profit climbs YOY

NongShim Holdings Co. Ltd. said its normalized net income for the second quarter came to 2,192.77 South Korean won per share, a gain from 1,011.06 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 10.17 billion won, an increase from 4.69 billion won in the prior-year period.

The normalized profit margin rose to 8.5% from 4.9% in the year-earlier period.

Total revenue increased 24.4% year over year to 120.06 billion won from 96.49 billion won, and total operating expenses rose 16.3% from the prior-year period to 103.01 billion won from 88.58 billion won.

Reported net income rose on an annual basis to 15.11 billion won, or 3,258.93 won per share, from 6.89 billion won, or 1,486.93 won per share.

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