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Korea Flange Q2 loss widens YOY

Korea Flange Co. Ltd. said its second-quarter normalized net income was a loss of 1.38 billion won, compared with a loss of 273.4 million won in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 0.5% from negative 0.1% in the year-earlier period.

Total revenue climbed 12.0% year over year to 274.64 billion won from 245.24 billion won, and total operating expenses rose 14.3% from the prior-year period to 275.42 billion won from 241.03 billion won.

Reported net income totaled a loss of 598.4 million won, or a loss of 98.26 won per share, compared to income of 362.3 million won in the prior-year period.

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