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Samsung C&T swings to profit in Q2

Samsung C&T Corp. said its normalized net income for the second quarter was 726.44 South Korean won per share, compared with the S&P Capital IQ consensus estimate of a loss of 197.19 won per share.

The per-share result swung to a profit from the prior-year loss of 1,015.21 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 123.03 billion won, compared with a loss of 128.86 billion won in the prior-year period.

The normalized profit margin rose to 1.7% from negative 9.8% in the year-earlier period.

Total revenue rose 437.6% year over year to 7.051 trillion won from 1.311 trillion won, and total operating expenses rose 439.6% on an annual basis to 6.866 trillion won from 1.272 trillion won.

Reported net income came to 154.97 billion won, or 915.00 won per share, compared with a loss of 26.04 billion won, or a loss of 205.17 won per share, in the year-earlier period.

As of Aug. 16, US$1 was equivalent to 1,094.67 South Korean won.