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Chokwang Leather Q2 profit climbs 9.2% YOY

Chokwang Leather Co. Ltd. said its second-quarter normalized net income came to 530.25 South Korean won per share, an increase of 7.6% from 492.96 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 1.94 billion won, an increase of 9.2% from 1.78 billion won in the year-earlier period.

The normalized profit margin climbed to 4.7% from 3.6% in the year-earlier period.

Total revenue declined 6.3% on an annual basis to 46.73 billion won from 49.88 billion won, and total operating expenses decreased 7.2% on an annual basis to 44.61 billion won from 48.09 billion won.

Reported net income increased year over year to 2.38 billion won, or 648.65 won per share, from 2.28 billion won, or 631.02 won per share.

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