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Daesung Eltec Q2 loss widens YOY

Daesung Eltec Co. Ltd. said its second-quarter normalized net income amounted to a loss of 3.58 South Korean won per share, compared with a loss of 28 chon per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 246.0 million won, compared with a loss of 44.9 million won in the year-earlier period.

Total revenue fell 18.8% year over year to 86.39 billion won from 106.37 billion won, and total operating expenses decreased 17.2% from the prior-year period to 86.18 billion won from 104.06 billion won.

Reported net income fell 82.0% from the prior-year period to 117.5 million won, or 1.71 won per share, from 651.9 million won, or 4.04 won per share.

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