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Namsung swings to loss in Q2

Namsung Corp. said its second-quarter normalized net income came to a loss of 10.54 South Korean won per share, compared with 5.45 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 222.0 million won, compared with income of 143.3 million won in the prior-year period.

The normalized profit margin dropped to negative 1.4% from 0.9% in the year-earlier period.

Total revenue climbed 6.1% year over year to 16.29 billion won from 15.34 billion won, and total operating expenses increased 9.9% from the prior-year period to 15.63 billion won from 14.23 billion won.

Reported net income came to 298.4 million won, or 14.16 won per share, compared to a loss of 364.0 million won, or a loss of 13.85 won per share, in the year-earlier period.

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