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Sangsin Brake Q2 profit climbs 70.5% YOY

Sangsin Brake Co. Ltd. said its second-quarter normalized net income amounted to 222.91 South Korean won per share, a gain of 70.6% from 130.67 won per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.32 billion won, an increase of 70.5% from 2.53 billion won in the year-earlier period.

The normalized profit margin rose to 4.9% from 3.2% in the year-earlier period.

Total revenue rose 11.3% on an annual basis to 88.71 billion won from 79.69 billion won, and total operating expenses rose 9.8% year over year to 81.63 billion won from 74.34 billion won.

Reported net income increased 71.3% year over year to 5.11 billion won, or 263.91 won per share, from 2.98 billion won, or 154.05 won per share.

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