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Dongwon Metal swings to profit in fiscal Q2

Dongwon Metal Co. Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 39.55 South Korean won per share, compared with a loss of 15.45 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 1.08 billion won, compared with a loss of 415.4 million won in the prior-year period.

The normalized profit margin climbed to 1.2% from negative 0.4% in the year-earlier period.

Total revenue decreased 11.4% on an annual basis to 92.34 billion won from 104.21 billion won, and total operating expenses declined 11.2% year over year to 89.72 billion won from 101.01 billion won.

Reported net income totaled 2.31 billion won, or 85.00 won per share, compared to a loss of 806.8 million won, or a loss of 30.00 won per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 1,102.78 South Korean won.