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Kukdong swings to loss in Q2

Kukdong Corp. said its normalized net income for the second quarter came to a loss of 28.35 South Korean won per share, compared with 196.59 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 a loss of 323.3 million won, compared with income of 1.74 billion won in the prior-year period.

The normalized profit margin dropped to negative 0.9% from 3.5% in the year-earlier period.

Total revenue declined 24.3% year over year to 37.68 billion won from 49.79 billion won, and total operating expenses fell 20.3% year over year to 37.01 billion won from 46.47 billion won.

Reported net income totaled a loss of 581.7 million won, or a loss of 64.69 won per share, compared to income of 2.66 billion won, or 299.74 won per share, in the year-earlier period.

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