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Sungwoo Hitech Q2 profit falls YOY

Sungwoo Hitech Co. Ltd. said its normalized net income for the second quarter was 278.09 South Korean won per share, a decline of 56.5% from 640.01 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 16.68 billion won, a decrease of 56.4% from 38.30 billion won in the year-earlier period.

The normalized profit margin declined to 2.2% from 4.5% in the year-earlier period.

Total revenue came to 851.92 billion won, compared with 849.18 billion won in the year-earlier period, and total operating expenses grew from the prior-year period to 812.15 billion won from 788.94 billion won.

Reported net income declined 74.6% from the prior-year period to 15.11 billion won, or 251.81 won per share, from 59.57 billion won, or 995.60 won per share.

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