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Seoul Auction Q2 profit climbs YOY

Seoul Auction Co. Ltd. said its normalized net income for the second quarter amounted to 177.33 South Korean won per share, an increase from 24.64 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 2.85 billion won, an increase from 406.0 million won in the prior-year period.

The normalized profit margin increased to 18.2% from 8.4% in the year-earlier period.

Total revenue grew on an annual basis to 15.66 billion won from 4.84 billion won, and total operating expenses grew year over year to 11.11 billion won from 4.14 billion won.

Reported net income rose from the prior-year period to 3.90 billion won, or 243.14 won per share, from 294.4 million won, or 17.87 won per share.

As of Aug. 10, US$1 was equivalent to 1,162.82 South Korean won.