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Ilshin Spinning Q2 profit climbs 36.0% YOY

Ilshin Spinning Co. Ltd said its normalized net income for the second quarter came to 3,061.19 South Korean won per share, a gain of 27.7% from 2,397.03 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 7.18 billion won, a gain of 36.0% from 5.28 billion won in the year-earlier period.

The normalized profit margin climbed to 6.1% from 4.8% in the year-earlier period.

Total revenue rose 7.2% on an annual basis to 117.43 billion won from 109.53 billion won, and total operating expenses rose year over year to 110.84 billion won from 105.77 billion won.

Reported net income increased 30.3% from the prior-year period to 9.22 billion won, or 3,932.14 won per share, from 7.08 billion won, or 3,213.71 won per share.

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