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Samick Musical Instruments swings to profit in Q2

Samick Musical Instruments Co. Ltd. said its normalized net income for the second quarter amounted to 31.61 South Korean won per share, compared with a loss of 9.15 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 2.78 billion won, compared with a loss of 785.9 million won in the year-earlier period.

The normalized profit margin climbed to 6.7% from negative 2.3% in the year-earlier period.

Total revenue rose 17.4% year over year to 40.29 billion won from 34.31 billion won, and total operating expenses grew 34.7% on an annual basis to 35.89 billion won from 26.65 billion won.

Reported net income came to 1.41 billion won, or 16.00 won per share, compared to a loss of 1.30 billion won, or a loss of 15.16 won per share, in the prior-year period.

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