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Hwashin Tech swings to loss in Q2

Hwashin Tech Co. Ltd. said its normalized net income for the second quarter came to a loss of 72.42 South Korean won per share, compared with 18.92 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 a loss of 661.0 million won, compared with income of 176.5 million won in the year-earlier period.

The normalized profit margin dropped to negative 6.1% from 1.6% in the year-earlier period.

Total revenue grew on an annual basis to 10.88 billion won from 10.75 billion won, and total operating expenses climbed 23.4% year over year to 13.23 billion won from 10.72 billion won.

Reported net income totaled a loss of 1.65 billion won, or a loss of 180.98 won per share, compared to income of 94.8 million won, or 10.17 won per share, in the year-earlier period.

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