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SBW Inc. swings to profit in Q2

SBW Inc. said its normalized net income for the second quarter came to 11.10 South Korean won per share, compared with a loss of 6.85 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 1.02 billion won, compared with a loss of 845.8 million won in the year-earlier period.

The normalized profit margin increased to 2.6% from negative 2.4% in the year-earlier period.

Total revenue increased 12.9% year over year to 39.33 billion won from 34.82 billion won, and total operating expenses climbed 6.7% year over year to 37.49 billion won from 35.13 billion won.

Reported net income totaled 1.30 billion won, or 14.08 won per share, compared to a loss of 1.24 billion won, or a loss of 10.01 won per share, in the year-earlier period.

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