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FarmStory Q2 profit falls YOY

FarmStory Co. Ltd. said its normalized net income for the second quarter was 7.79 South Korean won per share, a decrease of 90.2% from 79.39 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 618.2 million won, a decrease of 90.5% from 6.48 billion won in the year-earlier period.

The normalized profit margin declined to 0.4% from 2.5% in the year-earlier period.

Total revenue grew 5.1% year over year to 270.33 billion won from 257.15 billion won, and total operating expenses climbed on an annual basis to 259.70 billion won from 251.89 billion won.

Reported net income declined 93.1% on an annual basis to 580.0 million won, or 7.31 won per share, from 8.38 billion won, or 102.59 won per share.

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