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Genic Co. swings to profit in Q2

Genic Co. Ltd. said its second-quarter normalized net income amounted to 47.05 South Korean won per share, compared with a loss of 47.07 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 323.0 million won, compared with a loss of 291.0 million won in the prior-year period.

The normalized profit margin rose to 2.1% from negative 2.0% in the year-earlier period.

Total revenue increased on an annual basis to 15.09 billion won from 14.73 billion won, and total operating expenses decreased on an annual basis to 14.74 billion won from 15.26 billion won.

Reported net income came to 615.1 million won, or 89.60 won per share, compared to a loss of 297.7 million won, or a loss of 48.16 won per share, in the year-earlier period.

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