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Jindo swings to loss in Q2

Jindo. Co. Ltd. said its normalized net income for the second quarter came to a loss of 92.98 South Korean won per share, compared with 212.11 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 a loss of 941.2 million won, compared with income of 2.14 billion won in the year-earlier period.

The normalized profit margin declined to negative 7.8% from 16.7% in the year-earlier period.

Total revenue decreased 5.7% on an annual basis to 12.12 billion won from 12.85 billion won, and total operating expenses decreased 10.2% from the prior-year period to 13.59 billion won from 15.13 billion won.

Reported net income totaled a loss of 1.61 billion won, or a loss of 158.97 won per share, compared to income of 4.15 billion won, or 410.46 won per share, in the prior-year period.

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