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GS Home Shopping Q2 profit falls YOY

GS Home Shopping Inc. said its second-quarter normalized net income was 2,724.46 South Korean won per share, a decline of 31.5% from 3,975.62 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 17.00 billion won, a decline of 31.7% from 24.89 billion won in the year-earlier period.

The normalized profit margin dropped to 6.3% from 9.5% in the year-earlier period.

Total revenue rose on an annual basis to 268.91 billion won from 262.74 billion won, and total operating expenses rose 8.4% year over year to 245.78 billion won from 226.69 billion won.

Reported net income fell 29.2% year over year to 20.73 billion won, or 3,321.67 won per share, from 29.27 billion won, or 4,675.17 won per share.

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