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Nexen Tech Q2 profit falls YOY

Nexen Tech Corp. said its second-quarter normalized net income amounted to 9.05 South Korean won per share, a decline of 23.4% from 11.82 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 656.1 million won, a decline of 23.0% from 851.9 million won in the year-earlier period.

The normalized profit margin fell to 2.8% from 5.8% in the year-earlier period.

Total revenue grew 61.3% on an annual basis to 23.51 billion won from 14.57 billion won, and total operating expenses increased 61.5% on an annual basis to 22.09 billion won from 13.68 billion won.

Reported net income decreased 40.1% from the prior-year period to 696.5 million won, or 9.61 won per share, from 1.16 billion won, or 16.15 won per share.

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