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NamYang Dairy Products swings to profit in Q2

NamYang Dairy Products Co. Ltd. said its normalized net income for the second quarter came to 6,827.51 South Korean won per share, compared with a loss of 7,104.12 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 4.64 billion won, compared with a loss of 5.96 billion won in the year-earlier period.

The normalized profit margin increased to 1.4% from negative 2.1% in the year-earlier period.

Total revenue grew 10.9% year over year to 320.71 billion won from 289.07 billion won, and total operating expenses climbed 5.8% on an annual basis to 314.59 billion won from 297.28 billion won.

Reported net income came to 5.51 billion won, or 8,105.84 won per share, compared to a loss of 7.34 billion won, or a loss of 8,752.01 won per share, in the prior-year period.

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